Freeport-McMoran buy of Phelps Dodge cleared by EU |
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Tue, 20 Feb 2007 17:58
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BRUSSELS (AFX) - The European Commission said it has cleared US copper miner Freeport-McMoran Copper & Gold Inc's proposed 25.9 bln usd acquisition of domestic peer Phelps Dodge Corp.The combination would create the world's largest copper miner.The commission said the operation would not significantly impede effective competition in the European Economic Area.Freeport is based in New Orleans, Louisiana. It operates copper mines and produces copper concentrate which is marketed worldwide. It is also active in copper smelting and refining.Phelps Dodge is based in Phoenix, Arizona. It operates copper mines and is principally active in the production of copper, molybdenum, by-products of the copper refining process and electrical wires and cables.The parties' activities overlap on copper concentrate, copper cathode and several by-products of the copper production process. Moreover the concentration would give rise to vertical relationships between copper concentrate and copper blister/anode, copper blister/anode and copper cathode and copper cathode and copper rod.The EU executive said, however, that in light of the parties' 'limited positions' on any of the above mentioned markets, there are no competition concerns.simon.zekaria@thomson.comsz/lamCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Phelps Dodge holder in favor of FCX deal 