US copper titan wants to buy Inco, Falconbridge.Phoenix-based mining giant Phelps Dodge Phelps Dodge Corporation is a former United States company founded in 1834 by Anson Greene Phelps and William E. Dodge. On March 19, 2007, it was acquired by Freeport-McMoRan and now operates under the name Freeport-McMoRan Copper & Gold Inc. Corp., the world's third-largest copper producer, has announced its intention to buy Inco Ltd. and Falconbridge Ltd. The company announced June 26 that it is offering $80.13 (Canadian) a share for a combined Inco-Falconbridge package. Phelps Dodge has also agreed to buy up to $3 billion in Inco debt to allow that company to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... its friendly takeover Friendly takeover Merger when the target firm's management and board of directors is in favor of the takeover. Antithesis of hostile takeover. friendly takeover of Falconbridge. As part of the deal, Inco has increased its offer for Falconbridge to $62.11 (Canadian) per share. The deal overall is worth in the region of $56 billion US. It would vault vault, ceiling over a room, formed in any one of a variety of curved shapes. Nature of Vaults A vault is generally composed of separate units of material, such as bricks, tiles, or blocks of stone, so shaped or cut that when assembled they form a the new Phelps Dodge Inco Corporation into titan status on the global mining scene, creating the world's largest nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. producer and largest publicly traded copper producer. The combined revenue of the three companies in question was in the region of $6.3 billion for the quarter ending March 31. A joint news release says working together they would realize synergies of $900 million annually by 2008. The company would be headed by a 15-member board of directors, including 11 members from the Phelps Dodge board and four from Inco-Falconbridge, and would be headquartered in Phoenix. Phelps Dodge chair and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steven Whisler, 51, would keep that title in the new company. Inco chair Scott Hand, 64, would be vice chairman. Derek Pannell, 60, would become president of the company's division, Inco Nickel, heading the new company's nickel, zinc and aluminum operations. That division would remain based in Toronto, as would Pannell and Hand. Phelps Dodge says there would be no layoffs in Canada (save those that have already been announced), nor any reduction in exploration for three years. Whisler anticipates no anti-trust hurdles, saying there is very little overlap in the companies' operations. The deal should close in September. To see the complete news release, visit www.inco.com. |
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