Amax to Buy Nickel Firm: Amax Inc.,...

Amax to Buy Nickel Firm: Amax Inc., a big natural resources company, said it will buy Canada’s Falconbridge Ltd. for $2.4 billion, making it the first American company to become a major player in the world nickel market. The surprise move, made just before Wall Street markets opened, values Falconbridge at $30.50 a share ($36.125 in Canadian dollars), or $2.4 billion ($2.8 billion Canadian). The acquisition gives Amax, already a leader in a number of metals, a vastly expanded role as a producer of nickel, which is used in the manufacture of stainless steel.