From the Seattle Post Intelligencer:
Phelps Dodge Corp., one of the world’s largest copper producers, said Monday it is buying Canadian mining companies Inco Ltd. and Falconbridge Ltd. in a cash and stock deal worth about $40 billion.
The new company, to be called Phelps Dodge Inco Corp., will be the world’s biggest nickel producer and largest publicly traded copper producer, according to Phelps Dodge.
And hat tip to Matt for sending the NY Times link, which contains this money quote:
The transaction would end a yearlong battle over Inco and Falconbridge, which had agreed to merge last October, by a cadre of rivals that had made hostile offers for both. Phelps Dodge, based in Phoenix, is swooping in as the white-knight to keep Inco and Falconbridge from its other suitors and to satisfy a growing chorus of investors that have contended the Inco-Falconbridge deal shortchanged its shareholders.