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A billion here, a billion there – yes, pretty soon, it adds up to a lot of money. That's the case with today. Wall Street was able to strike up $90 billion in merger & acquisition (M&A) deals.
Even during the boom times of the 1980s and 1990s, this would be a blockbuster day.
Here's a look at the key deals:
First, Phelps Dodge crafted a $40 billion deal to buy two companies in the nickel mining business, Inco Ltd. and Falconbridge Ltd. With the transaction, Phelps Doge will have 40,000 employees. The company's name also changes to Phelps Dodge Inco (kind of like a law firm, huh?) The massive entity will be the #2 worldwide in copper and molybdenum, as well as #1 for nickel.
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