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Wednesday, January 5, 2011

Nyrstar buys Farallon, (TSE: FAN), (NYR)

Canada's Farallon Mining Ltd (FAN.TO) said about 93.7 percent of its common shares were tendered in to Nyrstar NV (NYR.BR), following a offer by the world's biggest zinc producer to buy the Canadian company. Nyrstar also intends to buy the remaining Farallon shares using certain compulsory acquisition provisions, said Farallon, which has a zinc-rich mine in Guerrero state, Mexico. Last November, Nyrstar made a C$409 million offer for Farallon as it carried out its plan to expand into mining through acquisitions. [ID:nLDE61O0Q8] Along with the tendering of shares, Farallon's board of directors and officers resigned in favor of Nyrstar's representatives, Farallon said. (Reporting by Dhanya Skariachan)