Inco contributing shares to pensions

Subject to regulatory approval, Inco (TSE) says it will contribute almost 1.5 million newly issued common shares, valued at market, to certain of its North American defined benefit pension plans.

The share contribution, worth about US$44 million, represents about 45% of the company’s aggregated pension funding requirements; the balance, about US$52 million, will be contributed in cash. The pension plans are funded solely by Inco.