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twitterDeal creates copper giant
Thursday, Oct. 7, 1999 | 11:38 a.m.
THE ASSOCIATED PRESS
PHOENIX -- Asarco Inc. has accepted Phelps Dodge's $1.1 billion takeover offer, completing a three-way $2.9 billion merger and putting an end to a bidding war that has reshaped the world's copper industry.
The agreement, as well as last week's deal to buy Cyprus Amax Minerals Co, puts together three of the nation's four largest copper producers under the Phelps Dodge umbrella, creating the world's largest copper company.
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