Posted AT 11:32 PM EDT on 07/07/06
Falconbridge: Xstrata plots 'creeping takeover'
The board of
Falconbridge Ltd. accused
Xstrata PLC of plotting to gain control of it with a “creeping takeover,” after the Anglo-Swiss company extended its hostile bid for Falconbridge by two weeks.
“We do not understand Xstrata's decision to extend its conditional offer without increasing its dollar value,” Falconbridge chief executive officer Derek Pannell said.
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