Canadian conglomerate Brascan lost out on more than $1.7bn (€1.3bn) as a result of last week's $18.1bn bid by mining group Xstrata for Canadian rival Falconbridge. The timing of Xstrata's unsolicited $53.5-a-share cash bid for the 80% of Falconbridge it did not own stemmed from a deal last August when it bought a 19.9% stake in Falconbridge from Brascan.

The terms of the trade meant that if Xstrata acquired more Falconbridge shares at a higher price, it had to pay Brascan the difference. That requirement passed on May 15, two days before Xstrata launched its bid.