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IN BRIEF/MINING

Inco Agrees to Acquire Falconbridge

October 12, 2005|From Reuters

Inco Ltd. elbowed Swiss rival Xstrata out of the race for Falconbridge Ltd. with a friendly bid valued at 12 billion Canadian dollars ($10.2 billion). The move would create the world's biggest nickel miner.

In a long-awaited deal agreed to by both companies' boards, Inco offered 0.6713 share, plus 5 Canadian cents in cash for each Falconbridge share, a 10% premium on Friday's closing price.

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