Freeport to buy oil, gas producers for $9B

Dec 05, 2012 | 05:39 PM | Samuel Frizell

Tags  Freeport-McMoRan Copper & Gold, Plains Exploration & Production, McMoRan Exploration, acquisition, copper, Samuel Frizell

NEW YORK — Freeport-McMoRan Copper & Gold Inc. has agreed to acquire Plains Exploration & Production Co. and McMoRan Exploration Co. in a $9-billion move that executives say will further long-term growth by diversifying assets.

Phoenix-based Freeport will acquire oil and gas producer Plains Exploration for $6.9 billion in cash and stock and oil and gas producer McMoRan Exploration for $3.4 billion in cash, or $2.1 billion net after taking into account Freeport’s and Plains Exploration’s current stakes in McMoRan Exploration. The deals are expected to close in the second quarter of 2013.....

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