Teck Cominco To Acquire Inco

Canadian mining company Teck Cominco Ltd. offered $16 billion to acquire Inco Ltd. (N) on the condition that Inco drops its offer to purchase competitor Falconbridge Ltd. (FAL). The merger of Teck Cominco and Inco will create the world's largest zinc mining firm and second largest nickel company. Shares of Inco leaped $8.01 to close at $67.09 while Falconbridge stock rose $2.60 to close at $45.23.