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Xstrata's bid cleared in Canada

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 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.


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