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As everyone knows, the national sport of Brazil is soccer. Even though America always gets creamed in the World Cup, we know that it's better that we excel at our national sport, business.

Well, that may be changing. Phelps Dodge (PD) offered to buy Inco, a Canadian nickel miner, for $17.4 billion. Nickel, if you haven't noticed, has been soaring to NASDAQian heights (Googlesque?). Today, Inco said that the deal is off, and they're looking at a rival bid from Brazil's Companhia Valo de Rio Dolce (or CVRD).

The interesting thing is that both bids are for $17.4 billion. The difference is that PD's is cash and stock, CVRD's is all cash. Now Inco has a pay PD a termination fee.

What's next? The U.S. will lose an international basketball tournament?

Posted by edelfenbein at September 5, 2006 10:01 AM