Vale Buys Control of Canadian Nickel Miner Inco

Cia. Vale do Rio Doce paid $13.3 billion to acquire control of Inco Ltd., the world's second-largest nickel maker, putting the Brazilian company on course to become the top nickel miner by 2009.

Rio de Janeiro-based Vale, the world's largest iron-ore producer, said in an e-mail statement today that 75.66 percent of Inco shares were tendered in the offer, for which Vale paid C$15 billion ($13.3 billion). Vale said it's extending the offer until midnight Nov. 3 to acquire the remaining shares.