Companhia Vale do Rio Doce, based in Brazil, has announced an offer to acquire Inc. Ltd. in an all cash offer. The bid by CVRD, the largest iron ore producer in the world, is for $17.6 billion for the Canadian-based nickel miner.
The bid follows bids by Canadian mining concern Teck Cominco Inc., and U.S. copper producer Phelps Dodge for Inco .
The combination of the two companies would create one of the three largest mining companies in the world, with a significant global presence in the iron ore, pellet, nickel, bauxite, alumina, manganese and ferroalloy business.
In announcing the offer, Roger Agnelli, CVRD’s CEO, said, "This is an exciting opportunity for CVRD. The operations of the two companies are complementary and the combination will enhance our capabilities to benefit from the fast changing global landscape in the metals and mining industry. For Inco shareholders, our all-cash offer provides a very attractive opportunity to realize substantial gains with no exposure to market risks".
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