Phelps Dodge Receives Canadian Antitrust Clearance

Phelps Dodge Corp. has announced they have received an Advance Ruling Certificate from the Canadian Competition Bureau clearing its offer to purchase all of the outstanding common shares of Inco Ltd. The clearance is unconditional.

J. Steven Whisler, chairman & chief executive officer of Phelps Dodge, said: “Phelps Dodge now has both Canadian & U.S. antitrust clearance for our offer for Inco, & Inco has already received all necessary regulatory approvals to proceed with its acquisition of Falconbridge. Today’s Canadian regulatory clearance is another positive step toward the successful completion of our proposed acquisition.”