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. Last Updated: 07/27/2016

Phelps Bid Rejected

DENVER -- Merger partners Cyprus Amax Minerals Co. and Asarco Inc. said Thursday their boards of directors have rejected a $2.7 billion all-stock offer by Phelps Dodge Corp. to acquire both companies.

The boards of the two leading copper and metals producers also urged their shareholders to reject the offer from Phelps, a Phoenix-based mining company, and to approve the planned merger between Englewood, Colorado-based Cyprus Amax and New York-based Asarco.