The friendly merger between mining giants Inco Ltd. and Falconbridge Ltd. is still up in the air June 15 after the federal Competition Bureau has given Xstrata PLC the thumbs-up to move forward with its hostile bid for Falconbridge.
The Department of Justice in the United States has also OK'd the $16.1 billion US bid by the Swiss-based mining company. Xstrata is now waiting for clearances from competition authorities in Europe.
Xstrata's cash offer is worth $52.50 per share while Falconbridge's preferred partner, Inco, is offering $51.17 per share. Both offers are listed in Canadian dollars.
Inco is still awaiting regulation clearances from the U.S. and Europe on its merger.