Extension Dia Met Minerals
BHP Limited
16 May 2001
Date 16 May 2001
Number 46/01
BHP ANNOUNCES EXTENSION TO ALL CASH BID FOR
DIA MET MINERALS LTD
BHP Limited (BHP) today announced that it would be extending the deposit
period for its offers to purchase all of the outstanding Class A subordinate
voting shares (Class A Shares) and Class B multiple voting shares (Class B
Shares) of Dia Met Minerals Ltd. (Dia Met) for C$21.00 cash per share.
The deposit period under the offers will be extended from 6:00 p.m. (Pacific
Standard Time) on 18 May, 2001 to 6:00 p.m. (Pacific Standard Time) on 20
June, 2001.
The deposit period for the offers is being extended solely as a result of the
notification procedure under the competition law of Belgium, where a
significant portion of the world's rough diamonds are traded. The offers are
subject to the approval of the Belgian competition authorities, comprised of a
Competition Service and a Competition Council.
BHP and Dia Met filed a notification with the Belgian competition authorities
with respect to the offers on 3 May, 2001. Under Belgian law, the competition
authorities have a maximum period of 45 days to review the matter.
Following a standard investigation to be conducted by the Competition Service,
the Competition Council will decide whether to approve the notified
transaction. If the Competition Council does not render a decision within the
45-day period, the matter is deemed to be approved.
The Competition Council recently completed a strike that lasted for several
weeks. As a result of the backlog of work now faced by the Competition
Council, BHP may have to wait until the expiry of the full 45-day period.
BHP understands that under such a scenario, the notified transaction will be
deemed to be approved only on 20 June, 2001. Accordingly, the deposit period
under the offers is being extended to 6:00 p.m. (Pacific Standard Time) on 20
June, 2001.
BHP has received an Advance Ruling Certificate from the Canadian Competition
Bureau and requires no further regulatory approvals under either the
Competition Act (Canada) or the Investment Canada Act in respect of its offers
for Dia Met. BHP is not aware of any other required regulatory approvals in
respect of the offers.
A notice of extension and variation of the offers will be mailed to Dia Met
shareholders shortly. The offers are not being varied in any other respect.
The lock-up agreement between BHP and Mrs. Marlene Fipke and Mr. David
Mackenzie, who together own 22% of the Class A Shares and 39% of the Class B
Shares, remains in effect.
Dia Met is a publicly traded Canadian mineral exploration and development
company with a primary focus on diamonds. The company's principal asset is a
29 per cent joint venture interest in the Ekati Diamond MineTM, Canada's first
commercial diamond mine.
BHP is the operator of the Ekati Diamond MineTM and owns a 51 per cent joint
venture interest. Mr. Charles Fipke and Mr. Stewart Blusson own 10 per cent of
the joint venture respectively.
Further information can be found on our Internet site: http://www.bhp.com
Contact:
MEDIA RELATIONS
Mandy Frostick
Manager Media Relations
Ph: 61 3 9609 4157
Mob: 61 419 546 245
Graham Nicholls
Vice President External Affairs
BHP Diamonds
Ph: 1 604 605 8666 ext 241
Mob: 1 604 818 0997
INVESTOR RELATIONS
Andrew Nairn
Senior Business Analyst
Ph: 61 3 9609 3952
Mob: 61 408 313 259
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