Phelps Dodge agrees to buy Cyprus Amax Minerals

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Phoenix--Copper producer Phelps Dodge has agreed to acquire fellow copper producer Cyprus Amax Minerals Co., Englewood, Colo., in a cash and stock deal valued at nearly $1.8 billion. The deal breaks up the proposed merger between Cyprus and copper producer Asarco, New York. Phelps Dodge indicated it would continue pursuing a deal to acquire Asarco, which is also being courted by Grupo Industrial Minera Mexico, according to The Wall Street Journal.
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