Inco buys back shares

Nickel giant Inco (TSE) will repurchase up to 10 million (about 10%) of its common shares.

The repurchase is expected to end no later than July 12, 1996. The shares will be paid for with internal cash surpluses.

The principal reason for repurchasing the shares is to increase shareholder value.

As a result of issuing shares to buy the 25% interest in the Voisey Bay nickel-copper-cobalt discovery, Inco expects earnings will be somewhat diluted until the deposit begins production. The share repurchase program is intended to help offset that dilution.