Bidding wars continue for Canadian mining companies

• Inco agreed to acquire Falconbridge
• Xstrata made a competing offer for Falconbridge
• Teck Cominco made an unsolicited offer for Inco
• Phelps Dodge now in 3-way merger with Inco - Falconbridge

Arcelor accepts unsolicited offer from Mittal Steel

International Paper sells timberland for $6.1B

Lafarge tenders for Lafarge North America minority

Koch Industries closes acquisition of Georgia-Pacific

BHP Billiton gains control of WMC Resources

Boise Cascade cancels its IPO

Alcoa Inc

BHP Billiton Ltd

International Paper

Nucor

Phelps Dodge

United States Steel

Will create one of the world's largest mining companies

• Phelps Dodge Inco Corporation
• As US company buys two Canadian mining companies
• Inco had already agreed to acquire Falconbridge

• But Inco and Falconbridge received separate competing offers
• Phelps Dodge stock chart
• Inco stock chart
• Falconbridge stock chart

Announced 6.26.06

• Press release
• PD Form 8-K
• Slide presentation
• Presentation script

Advisors

• Phelps Dodge: Citigroup / HSBC / Debevoise / Heenan Blaikie
• Inco: Morgan Stanley / RBC / Goldman Sachs /
  Sullivan & Cromwell  / Osler Hoskin
• Falconbridge: CIBC / McCarthy Tetrault / Fried Frank

Xstrata makes a competing offer for Falconbridge

• Raises its offer from C$59 to C$62.50 per sharege share

• Total of C$19.2B (US$16.9B)
• Press release 7.19.06 
• Schedule 13D amendment

Announced 10.11.05

Advisors

Timeline

Agreements

Schedule 14D-1F filings

Form F-8 filings

Schedule TO filings

Unsolicited offer

• Bidder is a British Columbia-based zinc miner
• Target (Inco) is a Toronto-based nickel mining company

• Teck Cominco profile
• Inco profile

• Inco had already agreed to acquire Falconbridge

• Falconbridge then got an unsolicited offer from Xstrata

• Teck Cominco then made an unsolicited offer for Inco

• Covered by this Deal Box

• Phelps Dodge then agreed to merge with Inco- Falconbridge

Announced 5.08.06

Advisors

Teck Cominco Form F-10 filings

Teck Cominco Schedule TO filings

Inco Schedule 14D-9 filings

Interim communications

Arcelor SA accepts revised offer from Mittal Steel

• Mittal press release  6.25.06
• Styled as a merger of equals

Timeline

• Arcelor SA wins bidding for Dofasco (Canada)

• Canadian steel maker accepts Arcelor's offer
• Which tops offer from Germany's ThyssenKrupp AG
• Arcelor press release 1.24.06
• Mittal Steel makes unsolicited 18.6 billion offer for Arcelor

• Mittal press release  1.27.06

• Arcelor board rejects Mittal offer

• Arcelor press release 1.29.06

• Arcelor acquires control of Dofasco

• Arcelor press release 2.21.06

• Arcelor takes defensive actions

• Puts Dofasco "in trust"
• Boosts dividend
• Announces 5B share buyback
• Arcelor press release 4.04.06

• Arcelor won't meet with Mittal unless preconditions met

• Arcelor press release 5.08.06

• Arcelor cuts white knight deal with Severstal (Russia)

• Arcelor press release  5.26.06
• Information document  6.13.06

• Arcelor accepts revised Mittal offer

• Arcelor press release  6.25.06

IP to sell 5.1mm acres of timberland for $6.1B

• Sold in two tranches to two investor groups

Announced 4.04.06

• Press release
• Form 8-K

Cash tender offer by 53.2% shareholder

• For 46.8% public minority ($3B)

• Initial offer is $75 per LAF share
• Stock jumped to $82.50

• Target's special committee rejected offer 3.24.06

• Press release

• Offer increased to $82.00 4.04.06

• Press release
• Stock closes at $85.18

• Offer increased to $85.50 4.24.06 

• Press release
• Stock closes at $85.35

Initial offer announced 2.06.06

Initial LAF response

Closed 5.16.06

Schedule TO filings

Schedule 14D-9 filings

Agreements

Creates largest US private company

• $48 per G-P share; $13.2 billion total

• Summary term sheet
• Conditions

Advisors

Announced 11.13.05

Closed 12.20.05

Agreements

Schedule TO filings

Schedule 14D-9 filings

Shareholder litigation

Financing

Interim communications

Creates world's largest nickel producer

Announced 10.11.05

• Press release
• Form 8-K
• Slide presentation
• Conference call materials
• Conference call transcript
• Fact sheet
• Employee FAQs
• CEO letter to employees

Advisors

Agreements

Industries