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Author: Admin | 2025-04-27
$16 billion if it agreed to abandon its takeover of Falconbridge.[72] On June 26 of the same year, Phelps Dodge submitted a friendly takeover bid to purchase a combined Inco and Falconbridge for around $40 billion;[73] that offer was also withdrawn because of the failure of the Inco-Falconbridge merger.[63][74][75][76]On August 14, 2006 Brazilian mining company Vale S.A. (aka CVRD) extended an all-cash offer to buy Inco for $17 billion. That offer received approval from the Canadian government's investment review agency on October 19, and was accepted by Inco shareholders on October 23.[77] Part of the takeover deal was that CVRD would operate Inco as a separate nickel mining division; all of CVRD's nickel operations, including mines at Onca Puma and Vermelho in Brazil, were transferred to Inco's management. Inco was delisted from the NYSE on November 16, 2006 and the TSX on January 5, 2007. According to its current web site, Inco is now a wholly owned subsidiary of Vale (formerly CVRD).[63]The 2009-10 Vale-Inco strike lasted 15 months; one of the longest on record in Canada.[78]In May 2010, Vale changed the name of Vale-Inco to simply Vale, stating the change is "a milestone that aligns it more fully with other Vale operations worldwide and reflects its position as part of the world’s second largest mining company".[79][80]In 2015, Vale was said to be exploring an IPO of its base metals unit for $30–35 billion, in order to lighten its debt load.[81]Reorganisation as VBM[edit]In May 2023 it was announced that Mark Cutifani
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