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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC) -- Ignore unavailable to you. Want to Upgrade?

To: morrie who wrote (372)	8/20/1999 7:50:00 PM
From: morrie	Respond to of 397

Friday August 20 11:26 AM ET Asarco, Cyprus Get Phelps Dodge Proposal NEW YORK (Reuters) - Copper miners Asarco Inc. and Cyprus Amax Minerals Co. (NYSE:CYM - news) said Friday that Phelps Dodge Corp. (NYSE:PD - news) made an unsolicited bid to buy both companies for stock. Noting that the Phelps Dodge proposal is subject to a number of contingencies, Asarco and Cyprus Amax said jointly that directors of both companies have determined that pursuing a pending Asarco-Cyprus merger was in the best interests of their stockholders. Phelps Dodge, which reportedly accounts for about 33 percent of U.S. copper production, would pay about $2.56 billion in stock. The previously announced Asarco-Cyprus Amax combination would create the largest publicly traded copper company. Asarco and Cyprus Amax have set shareholder meetings on Sept. 30 to approve the deal. Based on Phelps Dodge's closing price of 58-9/16 on Thursday, its bid values Asarco at $22 per share, or a total of $873.4 million. Cyprus Amax is valued at $16.83 a share, or $1.69 billion. Phelps Dodge would exchange 0.3756 of its shares for each Asarco share, and 0.2874 shares for each Cyprus Amax share. Asarco and Cyprus said their own merger would reduce annual expenses by about $200 million, including $50 million in reduced administrative and overhead costs; $50 million from lower costs of purchased materials and services; $25 million in other costs; and $75 million in lower depreciation. Search News Stories Search News Photos Aug 19 \| Aug 18 \| Aug 17 \| Aug 16 \| Aug 15 \| Aug 14 \| Aug 13 \| Aug 12 \| Aug 11 \| Aug 10 Home \| Top Stories \| Business \| Tech \| Politics \| World \| Local \| Entertainment \| Sports \| Science \| Health Questions or Comments Copyright ¸ 1996-1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.