Also. . .

* Phelps Dodge Corp. said it will take its offers to buy Cyprus Amax Minerals Co. and Asarco Inc. directly to the companies’ shareholders, its latest move to become the world’s biggest copper producer. Phoenix-based Phelps Dodge’s all-stock offers value the companies at $2.57 billion, unchanged from its last bid of 0.4098 of a share for each Asarco share and 0.3135 for each Cyprus share. Phelps Dodge wants to buy the two smaller rivals so their planned $2.2-billion merger won’t supplant it as the country’s top copper producer. In NYSE trading, Asarco shares fell 6 cents to close at $22.69, and Cyprus Amax lost 25 cents to close at $17.56; Phelps Dodge declined 6 cents to close at $56.63.