Mon Jun 26, 2006

June 26 (Reuters) - Phelps Dodge Corp on Monday bid for a newly-combined firm of Inco Ltd. and Falconbridge Ltd., in a $40 billion deal that would create the world’s largest nickel producer and its largest listed copper producer.

The deal would also scupper plans from Teck Cominco Ltd. to buy Inco and from Xstrata Plc to snap up Falconbridge.

Here are the key dates in the takeover battle, starting from Inco’s friendly offer for Falconbridge in October, 2005:

Oct. 11, 2005 - Inco launches friendly C$12 billion cash/stock bid for Falconbridge. Offer is extended three times to allow competition authorities to give it the green light.

May 8, 2006 - Teck launches C$17.8 billion hostile bid for Inco. The offer is contingent on Inco abandoning its bid for Falconbridge.

May 13, 2006 - Inco sweetens its offer for Falconbridge by C$5 a share. That values the deal around C$19 billion.

May 17, 2006 - Xstrata, already Falconbridge’s biggest shareholder, launches a C$16 billion unsolicited bid for the 80 percent of the company it does not already own.

May 31, 2006 - Inco rejects bid from Teck. Falconbridge rejects bid from Xstrata.

June 5, 2006 - Inco says it is in talks with others on alternatives to Teck’s bid. There is speculation about a three-way merger between Inco, Teck and Falconbridge, and also speculation that Phelps Dodge might join the bidding.

June 7, 2006 - In an attempt to address possible concerns from competition regulators, Falconbridge agrees to sell Nikkelverk refinery in Norway to LionOre Mining International for $650 million.

June 14, 2006 - Teck says proposed Inco takeover clears U.S. and Canadian antitrust hurdles. Xstrata offer clears antitrust hurdle in the United States.

June 15, 2006 - Xstrata says Canadian competition bureau will let it proceed with offer for Falconbridge. Sources say Inco-Falconbridge deal will win approval from European and U.S. antitrust regulators.

June 19-22, 2006 - Inco, whose shares have sagged in a broad market slump, unveils positive exploration results and then boosts its forecast for second quarter profit as it seeks to fend off Teck’s hostile bid and keep its own Falconbridge offer alive.

June 23, 2006 - U.S. antitrust authorities say they has approved plans by Inco to acquire Falconbridge.

June 26 - Phelps Dodge unveils its friendly bid for Inco and Falconbridge