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Jul31
Xstrata Plc - Falconbridge Limited; Inco Limited - Phelps Dodge Corporation & Teck Cominco Limited

Love a good bidding war?  Let's catch up on our favorite mining companies to see how the next chapter has turned out.

For those of you with short memories, Inco (N), and Xstrata (XTA.S) both wanted to buy Falconbridge (FAL)Teck Cominco (TCK)  wanted to buy N but the offer was conditional on Inco dropping their FAL bid.  Phelps Dodge (PD)  got into the act by making a white knight offer for N.  FAL wanted N to buy them and agreed to pay lots of money if the deal didn't happen.  N wants PD to buy them.

It looks now like XTA.S will win the battle for FAL.  FAL will pay N the money.  N is then eligible for the TCK offer.  TCK raised its bid for N today by 11%.  The TCK offer deadline for tendering is August 16, 2006.  More bidders may appear and PD may raise its offer although analysts don't think they have too much room to do so. 

How will it all turn out?  I'm all a twitter in anticipation.


4 Comments/Trackbacks




Boy, it sure doesn't take much to get you all hot and bothered, does it? Why is Falconbridge going to pay Inco any greenmail at all, if it appears that Xstrata is going to eat Falconbridge for lunch? I must have missed something along the way in the fine print. There are enough players in this game, they could form their own basketball team.

Who needs Tour de France drama when you have this?

That was the deal when they got engaged to keep pesky Xstrata (who already owned 20% of FAL) away. You are right, I am easily amused.

Ah, Floyd Landis, I weep. What a waste.

At this point, the only person left weeping is old lady Landis for her little boy Floyd. Remind me again, which bodily organ produces SYNTHETIC testosterone? Floyd sounded far too relaxed and unconcerned about the doping charges against him and resulting scandal to ever have been actually innocent. Remember, this is the same guy who blew himself up the day before, climbing up the Swiss Alps, before his "miracle performance" in a strenuous five-and-a-half hour uphill race the next day, in spite of a painful hip condition. "Surprise outcome" my ass! Who's kidding who?

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