July 29, 2006 |
Canadian nickel miner Inco Ltd. said Friday that it was dropping out of a bidding war for rival Falconbridge Ltd., opening the door for Anglo-Swiss mining company Xstrata to move ahead with a hostile takeover of Falconbridge. Inco said its $17.3-billion bid for Falconbridge had failed because not enough shares were tendered by midnight Thursday, and it had instructed depositary CIBC Mellon Trust Co. to return all shares that had been tendered.
May 9, 2006 |
Teck Cominco Ltd. said Monday that it would pay 17.8 billion Canadian dollars ($16 billion) for Inco Ltd. on the condition that the mining company drop its bid for rival Falconbridge Ltd. Teck said it would have market-leading positions in zinc, nickel and metallurgical coal and a significant presence in copper, gold and other commodities if it were to acquire Toronto-based nickel mine operator Inco.
April 4, 1996 |
Diamond Fields Resources Inc., which controls the world's largest nickel strike, on Wednesday agreed to a $3.2-billion takeover offer from Inco Ltd., brushing aside a rival bid from Falconbridge Ltd. The acceptance by Diamond Fields pushes the battle between Inco and Falconbridge, two of the world's largest nickel miners, for control of the huge Voisey's Bay deposit to its final stages.
May 3, 1991 |
Mickey Mouse as an industrial stock? Burbank-based Walt Disney Co. will become one of the 30 stocks in the Dow Jones industrial average starting Monday, as Dow Jones & Co. tilts its famed index further toward the services economy and away from its manufacturing roots. Disney, the first pure entertainment stock in the Dow, will replace USX Corp., one of the nation's industrial giants, which is expected to be split into separate oil and steel companies this year.
July 10, 2002 |
Standard & Poor's said Tuesday that it would make an unusually big change to the S&P 500 index of blue-chip stocks, replacing the index's seven remaining foreign companies with seven U.S.-based firms. After the close of trading July 19, these companies will be removed from the index: Royal Dutch Petroleum, Unilever, Nortel Networks, Alcan Inc., Barrick Gold Corp., Placer Dome Inc. and Inco Ltd. Added will be United Parcel Service Inc., Goldman Sachs Group Inc., Prudential Financial Inc.
September 7, 1999 |
Never mind those fancy "Internet backbone" stocks. Who do you like in the nickel sector? That may be what more investors are asking these days--if they're focusing on companies whose earnings outlook for 2000 is growing significantly brighter. From Wall Street's point of view, healthy 1999 profit growth at many companies is already considered to be in the bag.
December 21, 1988 |
Some late afternoon selling left stock prices broadly lower Tuesday, frustrating the market's bid to extend its latest rally. Prices opened higher, appearing to take some encouragement from new government reports that indicated continuing low inflation and moderate economic growth. But profit taking eroded the gains as the day progressed. The Dow Jones index of 30 industrials, which had risen nearly 40 points over the past two sessions, wound up falling 6.61 to close at 2,166.07.
October 5, 1988 |
The stock market gave ground Tuesday for the third consecutive session as concerns about interest rates weighed on prices and more than offset the scattered gains that resulted from takeover speculation. The Dow Jones industrial index closed 3.20 points lower at 2,102.06. The broader market was also lower, with declining stocks ahead of advancing issues by about 7 to 6 in nationwide trading of New York Stock Exchange-listed stocks. Volume on the floor of the NYSE came to 157.