Placer to offload Falco stake

Placer Dome wants to divest itself of its interest in Falconbridge.

Placer has a 14% share interest in the nickel producer, representing about 15.6 million shares. Placer’s Falconbridge shares are held directly and through a 52.9%-owned affiliate, McIntyre Mines.

Placer also owns debentures worth $135.4 million; these are convertible into 6.2 million additional shares of the nickel company, plus warrants.

In total, Placer’s interest in Falco is 24.8%, worth roughly $500 million, if all of the debentures and warrants were to be exercised.