WASHINGTON - Freeport-McMoRan Copper and Gold agreed to acquire US mining rival Phelps Dodge in a friendly 25.9-billion-dollar merger to create the world's largest copper producer, the two companies said.
I had suggested Phelps as a possible suitor for Ox a month or so ago, but I was wrong - they got gobbled first. Nevertheless this article from Yahoo News goes on to say:
The Freeport-Phelps Dodge combination "will have the size, management depth and financial strength to optimize existing operations and accelerate our growth by aggressively pursuing promising new development projects, exploration and acquisitions," said Richard Adkerson, Freeport's president and chief executive officer.
So the available acquisition targets continue to reduce..
OXR
oxiana limited
