CVRD gets control of Inco

Companhia Vale do Rio Doceof Brazil (CVRD)has acquired just under 76 per cent of Inco Ltd.'s common shares and will begin the process of having Incodelisted from the TSX and NYSE.

The Brazilian company also said Tuesday it will extend its cash takeover offer of $86 per share to Nov. 3 so it can acquire the remaining Inco stock not tendered to its offer.

CVRD also plans to reconstitute the Inco board of directors.

CVRD emerged as the victor in the takeover fight for Inco as it beat out Phelps Dodge and Teck Cominco with an offer worth $19 billion.

Inco has been a Canadian mining icon since 1902.