The Five Dumbest Things on Wall Street This Week
The Five Dumbest Things on Wall Street This Week
07/21/06 - 07:19 AM EDT
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5. Mudslingers' Ball
Mud is flying in the bidding war for Toronto miner Falconbridge FAL. Phoenix copper titan Phelps Dodge PD wants to buy Falconbridge in a three-way cash-and-stock merger with Canada's Inco N. But big Falconbridge shareholder Xstrata has made a competing proposal similarly valued at around $17 billion. The Inco bid "represents the most compelling offer for Falconbridge," Phelps Dodge chief Steven Whisler says. Nonsense, shoots back Xstrata chief Mick Davis. "It is now clear that on any valuation basis Xstrata's all-cash, fully-funded offer is superior to Inco's final offer," Davis says. Adding to the muddle, some big Phelps Dodge shareholders have criticized Phelps' $40 billion buyout plan. They contend the miner is taking on too much debt and should instead return capital to shareholders. No. 2 holder Atticus opposes the three-way merger, telling Bloomberg it "would be surprised if other shareholders didn't reach the same conclusion." But try telling that to Inco CEO Scott Hand. Asked on Canadian TV for his take on Xstrata's offer, Toronto's Globe & Mail reports, Hand replies that it's "a dog biscuit." Even for the mining industry, that's quite a dig.
Dumb-o-Meter score: 75. "It is time for Falconbridge shareholders to decide what is truly in their best interests," Whisler declares darkly in a Wednesday statement.
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