Wall St rivals strike gold with latest mining merger
Davis Polk & Wardwell and Debevoise & Plimpton have bagged the lead roles on the latest major deal in the busy mining sector, as the US M&A market continues to motor.
The Wall Street leaders are advising on the $25.9bn (£13.7bn) bid by US-listed mining giant Freeport-McMoRan Copper & Gold (FCX) for rival group Phelps Dodge
Davis Polk is acting for FCX, alongside New Orleans firm Jones Walker Waechter Poitevent Carrere & Denegre. Debevoise is advising regular client Phelps Dodge.
The deal would create the largest mining company based in North America and is expected to close next spring, subject to shareholder approval.
The deal follows the prolonged takeover battle for Canadian nickel miner and Sullivan & Cromwell client Inco, which was the subject of a cash and shares bid worth $17.7bn (£9.4bn) from Arizona-based Phelps Dodge, which was advised by Debevoise.
That was followed by a rival $15.3bn (£8bn) all-cash offer from Brazilian resources giant Companhia Vale do Rio Doce, advised by New York firm Cleary Gottlieb Steen & Hamilton, while Paul Weiss Rifkind Wharton & Garrison advised rival Canadian bidder Teck Cominco on its own $16.7bn (£8.8bn) approach.
Author: James Illman
Source: Legal Week
