Boy, it’s merger week in the metals sector. First Arcelor and Mittal, now this:
Canadian mining companies Inco Ltd. and Falconbridge Ltd. have reached a three-way deal to merge with Phelps Dodge Corp. of Arizona in what would be the biggest takeover in Canadian corporate history.
The companies said Monday the union would create the world’s largest nickel producer and largest publicly traded copper producer.
The new company will be named Phelps Dodge Inco Corp. Its corporate office and copper division will be headquartered in Phoenix, while Inco Nickel, the new company’s nickel division, will be based in Toronto.