PHELPS DODGE CEO DEFENDS HIS DEALadmin
Phelps Dodge Corp. head Steven Whisler shot back at critics yesterday, insisting his company’s bid to take over Inco Ltd. and Falconbridge Ltd. will have “net benefits” for Canada.
“We think that combining the three companies is actually going to enhance Canada’s position, particularly in nickel,” Mr. Whisler said, responding to concerns.
The chairman and chief executive officer of the Phoenix-based copper miner said he understands apprehension over the loss of head offices as part of Phelps’s $40-billion (U.S.) takeover bid.
“Canadians are like everyone else. They have a great deal of pride and we certainly understood that when we were invited into this transaction. It’s something we’ll deal with and we’ll deal with successfully.”
The U.S. executive plans to sell the merits of the proposed transaction in meetings with government officials and investors in coming weeks.
“I think as people get a chance to sift through the headlines and focus on the facts, there will be an increasingly high comfort level.”