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Xstrata Plc, through an indirect, wholly-owned subsidiary, acquired approximately 20 per cent of the outstanding common shares of Falconbridge Ltd. from subsidiaries of Brascan Corp.  The purchase price, of approximately $2.04 billion, was initially paid in the form of two promissory notes.  Following the closing, the first note was repaid by Xstrata in full and the second note was satisfied by the delivery of a principal amount convertible debenture.

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2005