Inco Bidding War Heats Up as Teck Cominco Ups Its Bid for Company

Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):

Teck Raises Bid for Inco to Lure Shareholders From Phelps Offer

• Summary: The bid to takeover Canadian mining company Inco (N) just got more complicated as Vancouver-based, NYSE-listed, Teck Cominco Limited (TCK) just upped their bid for the company. It was Teck's initial bid in May, following Inco's announcement that it was looking into a merger with fellow Canadian mining company Falconbridge (FAL) that ignited a bidding war for Inco involving Phoenix-based Phelps-Dodge (PD) and Swiss mining company Xstrata (LON: XTA). Teck's recent bid values Inco at 18.8 billion Canadian dollars (US$16.61 billion), including a cash value of $40 Canadian per share, or nearly double the cash-per-share Phelps Dodge is offering.
• Comment on related stocks/ETFs: For more on the bidding war for Inco and Falconbridge until now, see William Trent's July 13 piece Not So Fast, Phelps! Proposed 3-Way Mining Merger Runs Into Bidding War with Swiss.