PHOENIX (AFX) - Phelps Dodge Corp. said Tuesday that Canadian officials unconditionally approved its purchase of Canadian nickel miner Inco Ltd.
As a result, Phelps Dodge now has both Canadian and U.S. antitrust clearance for its proposed acquisition of Inco, Phelps Dodge officials said.
Meanwhile, Inco has received all necessary regulatory approvals to continue its proposed acquisition of Toronto-based miner Falconbridge Ltd. for $17.3 billion in cash and stock.
Xstrata PLC has also bid $16.9 billion in cash for Falconbridge. The companies have been locked in a bidding war for months.
Phelps Dodge shares closed up $2.75, or 3.6 percent, at $79.43, while Inco shares closed up 44 cents at $72.57, and Falconbridge shares closed down 17 cents at $54.62, on the New York Stock Exchange.
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