NICKEL INDUSTRY.

Press, Volume LXV, Issue 19508, 3 January 1929, Page 10

NICKEL INDUSTRY.

ANGLO-CANADIAN MERGER. Lord Helchett announced in London the other day the terms of a £120,000,000 merger between the Mond Nickel Company of London, in which he is the largest shareholder, and the International Nickel Company of Canada. The new company will be registered in Toronto, Canada. The 7 per cent, cumulative preference shares of the Mond Nickel Company will receive an equal amount | of 7 per cent, preferred stock of the International Nickel Company. The first preference shareholders of Mond Nickel Company will receive in addition 2s 6d a share cash. Owing to the provision in the articles of association that they shall obtain 30s for every 20s paid up in the event of the winding up of the Mond Nickel Company, the holders of 10s ordinary shares will receive shares of no par value in the International Company's common stock. The Advisory Committee emphasises the growing importance of the world nickel industry. The Frood mine in Canada, it is said, has the world's largest deposit of nickelcopper ore. The major portion of the formation belongs to the International Company, although Mond's Nickel Company owns a portion of it. It is not intended to diminish employment in the British nickel industry. On the contrary, it is said that it is intended to increase the existing plant at Slydach. South Wales. Humours of this amalgamation have been current for some -time. The removal of the head office of the organisation to Canada should enable reconstruction to be carried through at a much, less cost than if English taxes had to be paid. Mond's Nickel Company has an issued capital of £4,650,000, consisting of 600,000 cumulative preference, 1.250,000 cumulative A preference, 2,000,000 non-cumulative preference, and 600,000 ordinary shares.