FOOTE MINERAL TO MERGE INTO RIO TINTO
Foote Mineral Co said it signed a
letter of intent to merge into Rio Tinto-Zinc Corp PLC for
cash.
    Foote, 83 pct owned by Newmont Mining Corp, said Newmont
has informally indicated it would vote in favor of the Rio
Tinto proposal.
    Foote said terms of the agreement, including price for the
proposed cash transaction, have not been released because they
are subject to a continuing due diligence investigation.
    The company said a definitive merger agreement is expected
to be negotiated within six weeks and shareholders are expected
to vote on the deal at a meeting expected to be held in June or
July.
 Reuter
