A merger between Falconbridge and Inco has been announced by the Boards of Directors of both companies. The new global company will by based in Canada. The definite agreement, whereby Inco will purchase all Falconbridge’s circulating stock, prior to the approval of all shareholders, will be called Inco Limited. The announcement was made by Derek Pannell, President and CEO of Falconbridge Limited, who said that the merger would allow for excellent positioning in an extremely competitive world industry. The new company will be much larger and more solid, and will become the main nickel and the eighth copper producer worldwide, stated Pannel. The merger will convert the new company into one of the leading mining and metals companies in the world, with operations in four continents. It will also include business in zinc and aluminum. The Public Relations Director for Falconbridge Dominicana, Luis Rosario, said that Falconbridge subsidiaries, such as the local branch, are not expected to change names and will continue operating normally as it is a company that was constituted and is ruled by Dominican law.