MINING

Inco Bids $3.3 Billion for Diamond Fields: The bid by the Western world’s largest nickel producer is designed to boost its stake in Diamond Fields Resources Inc.’s huge Voisey’s Bay nickel discovery in Labrador in northeastern Canada, to at least 75% from 25%. The hostile bid pits Toronto-based Inco Ltd. against another huge Canadian mining concern, Falconbridge Ltd., one of the company’s traditional allies, which has already offered $2.94 billion for Vancouver-based Diamond Fields. “We believe our offer is in the best interests of both Diamond Fields and Inco shareholders,” Inco Chairman and Chief Executive Michael Sopko said. Inco said it will offer a combination of common stock and cash and will issue new convertible preference shares to help finance the bid.