Freeport to buy oil, gas producers for $9B
Dec 05, 2012 | 05:39 PM
| 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 Freeports and Plains Explorations current stakes in McMoRan Exploration. The deals are expected to close in the second quarter of 2013.....
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