(CNW) Phelps Dodge Corp. announced July 12 that it received notification that the U.S. Department of Justice and the U.S. Federal Trade Commission have granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to Phelps Dodge's proposed acquisition of Inco Ltd.
Phelps Dodge is now waiting on competition authorities in Europe to approve the deal.
As announced June 26, Phelps Dodge and Inco agreed to combine in
a transaction under which Phelps Dodge will acquire all of the
outstanding shares of Inco for a combination of cash and shares of
Phelps Dodge.
Inco shareholders would receive 0.672 shares of Phelps Dodge common
stock plus $17.50 (in Canadian funds) per share in cash for each
Inco share.
