CVRD To Close Inco Deal This Month

Brazilian firm Companhia Vale do Rio Doce (CVRD), the world’s largest iron-ore producer, is hoping to close the acquisition of Canadian nickel miner Inco by October 16, the date its offer expires. Last month, Inco’s board decided to back CVRD’s hostile offer of around $17.9 billion in cash after US mining concern Phelps Dodge Corporation ended its acquisition agreement with the Canadian firm. CVRD says it has secured $30 billion of financing from which to draw down approximately $18 billion needed for the acquisition.