Teck's

In November, Petro-Canada Chief Executive Ron Brenneman said the company needed to have "a lot more confidence in our partners 'ability to stay with us ... than we have now," alluding to UTS's and Teck's financial difficulties.

Total Launches Bid for UTS Energy 2009

If Inco's shareholders accept Teck's newest bid, the zinc miner plans to sell at least $5.725 billion Canadian $5.1 billion U.S. of the class B subordinate voting shares of its stock to support the purchase, according to a Teck press release.

Teck Raises Bid For IncoTeck Ups The Inco Ante R.M. Schneiderman 2006

Teck's newest offer will offer shareholders $89 Canadian ($79.25 U.S.), of which at least $71.20 Canadian ($63.40 U.S.) will be in cash.

Teck Raises Bid For IncoTeck Ups The Inco Ante R.M. Schneiderman 2006

At the close of trading Wednesday, the Phelps offer was worth $82 Canadian ($72.31) per Inco share, based on Phelps' closing share price, while Teck's hostile bid valued Inco at up to $72.47 Canadian ($63.91) per share.

Mining MayhemMining Takeover Battle Intensifies 2006

Teck's earlier offer was C$78.50 $69.40 cash or 0.9776 of its B shares plus a Canadian nickel.

Teck Cominco Sweetens Inco Offer Inco In Play 2006

Teck's bid, which offers Inco investors a choice of cash or stock, is worth a few cents more.

Phelps Dodge Shares Rise Despite Bidding WarCopper Miner Shines 2006

But, he added that the perception that the deal won't go through may make it more difficult for Phelps Dodge to match Teck's higher offer.

Phelps Dodge May Have Trouble Matching Hostile Bid 2006

With Teck's stock trading at $67.54, up $1.42 on Tuesday, the value of the two bids was roughly equal.

Phelps Dodge May Have Trouble Matching Hostile Bid 2006

Derek DeCloet, writing in Canada's Globe And Mail, says it will be the Vancouver-based Teck: "Teck's real advantage in the battle for Inco isn't zinc or oil sands or its excellent balance sheet...its edge is what it doesn't have: a bunch of grouchy hedge funds as shareholders, and a U.S. head office."

Phelps Dodge Shares Rise Despite Bidding WarCopper Miner Shines 2006

To further complicate matters, Teck's newest bid is just below that of Phelps Dodge and contains a lot more cash.

Teck Raises Bid For IncoTeck Ups The Inco Ante R.M. Schneiderman 2006