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ZUG, Switzerland (AP) - Mining company Xstrata PLC launched a $14.5 billion bid Wednesday to take over Falconbridge Ltd., topping an offer for the company from Canadian nickel miner Inco Ltd.
Xstrata proposed to pay 52.50 Canadian dollars ($47.19) per Falconbridge share for the 80.2 percent stake in the Canadian mining company that it doesn't already own. The bid values Falconbridge at C$20 billion ($18 billion).
The move was expected after an agreement that would have made such an offer by Xstrata more expensive expired last week.
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