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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here