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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
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(AMENDMENT NO. 7)
Asarco Incorporated
(Name of Subject Company)
AAV Corporation
and
Phelps Dodge Corporation
(Bidders)
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Common Stock, no par value
(Including the associated preferred share purchase rights)
(Title of Classes of Securities)
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04341310 (Common Stock)
(CUSIP Number of Class of Securities)
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S. David Colton, Esq.
Vice President and General Counsel
Phelps Dodge Corporation
2600 North Central Avenue
Phoenix, Arizona 85004-3014
(602) 234-8100
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Copies to:
Michael W. Blair, Esq. Stephen R. Volk, Esq.
Debevoise & Plimpton David W. Heleniak, Esq.
875 Third Avenue Shearman & Sterling
New York, New York 10022 599 Lexington Avenue
(212) 909-6000 New York, New York 10022
(212) 848-4000
CALCULATION OF FILING FEE
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Transaction Valuation Amount of Filing Fee
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$852,856,552* $170,572**
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[X] Check box if any part of the fee is offset as provided by Rule 0-11 (a) (2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its Filing.
Amount Previously Paid: $230,873
Form or Registration No.: 333-86063
Filing Party: Phelps Dodge Corporation
Date Filed: August 27, 1999
* For purposes of calculating the filing fee only. This calculation
assumes that 39,783,396 shares of common stock, no par value per share,
of Asarco Incorporated will be exchanged for shares of common stock,
$6.25 par value per share, of Phelps Dodge Corporation. Pursuant to
Rules 0-11 (d) and 0-11 (a) (4) of the Securities Exchange Act of 1934,
as amended, the filing fee was based upon the average of the high and
low prices of Asarco Incorporated common stock on September 1, 1999, as
reported on the New York Stock Exchange Composite Tape.
** The filing fee is calculated by taking 1/50 of 1% of the Transaction
Valuation, pursuant to Rule 0-11 (d) of the Exchange Act.
<PAGE>
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1. Name of Reporting Persons
Phelps Dodge Corporation
SS. or I.R.S. Identification No. of Above Person
13-1808503
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2. Check the Appropriate Box if a Member of Group
(a) [ ]
(b) [ ]
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3. SEC Use only
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4. Sources of Funds
WC
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Item 2(e) or 2(f)
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6. Citizenship or Place of Organization
New York
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
100 shares of common stock, no par value
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8. Check if the Aggregate Amount in Row (7) Excludes Certain Shares
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9. Percent of Class Represented by Amount in Row (7)
nominal
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10 Type of Reporting Person
CO
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1. Name of Reporting Persons
AAV Corporation
S.S. or I.R.S. Identification No. of Above Person
N/A
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2. Check the Appropriate Box if a Member of Group
(a) [ ]
(b) [ ]
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3. SEC Use only
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4. Sources of Funds
WC
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Item 2(e) or 2(f)
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6. Citizenship or Place of Organization
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
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8. Check if the Aggregate Amount in Row (7) Excludes Certain Shares
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9. Percent of Class Represented by Amount in Row (7)
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10 Type of Reporting Person
CO
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By this final amendment No. 7 to the Tender Offer Statement on Schedule
14D-1 (the "Schedule 14D-1"), Phelps Dodge Corporation, a New York corporation
("Phelps Dodge"), and its wholly owned subsidiary, AAV Corporation, a Delaware
corporation ("Purchaser"), hereby amend and supplement their Schedule 14D-1
filed with the Securities and Exchange Commission on September 3, 1999, as
amended, with respect to the Purchaser's exchange offer to acquire all
outstanding shares of common stock, no par value per share, and the associated
preferred share purchase rights (collectively, the "Asarco Shares"), of Asarco
Incorporated, a New Jersey corporation ("Asarco"), upon the terms and subject to
the conditions set forth in the Phelps Dodge prospectuses dated September 2,
1999, September 22, 1999, October 7, 1999 and October 12, 1999, and in the
related Letters of Election and Transmittal, which together constituted the
Offer. Pursuant to Instruction D to Schedule 14D-1, this Statement constitutes
the final amendment to the Schedule 14D-1.
Item 10 is hereby amended and supplemented as follows:
Item 10. Additional Information.
The Offer expired at 12:00 midnight, New York City time, on October 25,
1999. Phelps Dodge and the Purchaser did not accept any Asarco Shares for
payment and all Asarco Shares tendered will be promptly returned by ChaseMellon
Shareholder Services, L.L.C., the exchange agent for the Offer, to the tendering
shareholders. A copy of the press release issued on October 25, 1999 with
respect to the expiration of the Offer is attached as Exhibit (a)(27) hereto and
incorporated herein by reference.
Item 11 is hereby amended and supplemented by the addition of the following
exhibit thereto:
Item 11. Material to be filed as Exhibits.
Exhibit (a)(27) Press release issued by Phelps Dodge Corporation on
October 25, 1999.
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After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Phelps Dodge Corporation
By: /s/ Ramiro G. Peru
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Name: Ramiro G. Peru
Title: Chief Financial Officer and
Senior Vice President
October 26, 1999
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After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
AAV Corporation
By: /s/ Ramiro G. Peru
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Name: Ramiro G. Peru
Title: Vice President and Treasurer
October 26, 1999
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EXHIBIT INDEX
Sequentially
Exhibit Numbered
Number Description Page
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(a)(27) Press release issued by Phelps Dodge Corporation on October
25, 1999.
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EXHIBIT (a)(27)
FOR IMMEDIATE RELEASE
Contacts:
Investors Media
Phelps Dodge Phelps Dodge
Thomas M. Foster Susan M. Suver
(602) 234-8139 (602) 234-8003
Gregory W. Stevens
(602) 234-8166
Arthur Schmidt & Associates, Inc. Sard Verbinnen & Co
Martin Zausner/Alan Weinstein/Joan Harper George Sard/Paul Caminiti/
(212) 953-5555 Debbie Miller
(212) 687-8080
PHELPS DODGE STATEMENT ON ASARCO MERGER AGREEMENT
WITH GRUPO MEXICO
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PHOENIX, AZ, October 25, 1999 -- Phelps Dodge Corporation (NYSE: PD) today
issued the following statement in response to today's announcement that Asarco
Incorporated (NYSE: AR) has entered into a merger agreement with Grupo Mexico,
S.A. de C.V.:
Douglas C. Yearley, Chairman and Chief Executive Officer of Phelps Dodge,
said, "Although a three-way combination would have had strategic benefits for
Phelps Dodge, we were simply unwilling to overpay for Asarco by raising our
offer. We believe our shareholders will understand and appreciate the financial
discipline behind our decision. Accordingly, we will let our offer for Asarco
expire, and will now turn our full attention to rapidly achieving the compelling
benefits of the Cyprus Amax acquisition."
Phelps Dodge has received a $30 million termination fee from Asarco. The
Phelps Dodge offer for Asarco will expire tonight at midnight, New York City
time, and will not be extended.
Phelps Dodge Corporation is among the world's largest producers of copper.
The company also is one of the world's largest producers of carbon black, one of
the world's largest manufacturers of magnet wire, and has operations and
investments in mines and wire and cable manufacturing facilities around the
world. Phelps Dodge has operations in 28 countries.
STATEMENTS IN THIS PRESS RELEASE INCLUDE "FORWARD-LOOKING STATEMENTS" THAT
EXPRESS EXPECTATIONS OF FUTURE EVENTS OR RESULTS. ALL STATEMENTS BASED ON FUTURE
EXPECTATIONS RATHER THAN ON HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS THAT
INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES, AND THE COMPANY CANNOT GIVE
ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE CORRECT. PLEASE REFER TO THE
MANAGEMENT'S DISCUSSION AND ANALYSIS SECTIONS OF THE COMPANY'S REPORT ON FORM
10-K FOR THE YEAR ENDED DECEMBER 31, 1998.
