The European Commission’s competition regulator has cleared the Companhia Vale do Rio Doce (RIO-N) US$18.4-billion takeover bid for nickel producer Inco (N-T, N-N).
CVRD has bid $86 per share to take over Inco, in a bid that is scheduled to expire on Oct. 16. Inco’s board, after shopping around for more favourable bids, recommended the bid on Sept. 24.
The European Commission had previously ruled against a merger between Inco and Falconbridge, which forced Falconbridge to strike a deal with LionOre Mining International (LIM-T, LMGGF-O, LOR-L) to sell the Nikkelverk refinery in Kristiansand, Norway. The sale was cancelled when the Inco-Falconbridge merger failed, and Falconbridge ultimately sold out to Xstrata (XTA-L).
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