Canadian nickel miner Falconbridge ( FAL) announced Monday afternoon it continues to support the company's takeover by Canada's other nickel miner Inco ( N). A Falconbridge release indicated that the board of directors voted unanimously to reject an all-cash bid by Swiss rival Xstrata for approximately $54.83 a share. The Falconbridge-Inco deal, which is set to expire on Thursday, is part of a three-way merger that also involves U.S. copper miner Phelps Dodge ( PD). Under the terms, Inco would acquire shares of Falconbridge for $16.22 cash plus 0.5575 shares of Inco, valuing Falconbridge at $56.49 a share. In addition, Phelps Dodge would acquire all shares of Inco in exchange for 0.67 shares of Phelps Dodge plus $17.76 cash per share, at an implied value of $69.14 a share based on closing prices. Shares of Falconbridge closed down a hair at $54.79, while those of Inco ended the session up over 1% at $72.13. Meanwhile, Phelps Dodge shed less than 1% close at $76.68. Earlier, Falconbridge reported second-quarter earnings of $1.91 a share vs. $0.61 in the same period a year ago thanks to record base metals prices.