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Freeport-McMoRan Copper & Gold Inc announced on Wednesday it would buy Plains Exploration & Production Co and McMoRan Exploration Co for US$9 billion in cash and stock in a substantial expansion into energy.

Freeport-McMoRan Copper & Gold Inc announced on Wednesday it would buy Plains Exploration & Production Co and McMoRan Exploration Co for US$9 billion in cash and stock in a substantial expansion into energy.

Highlights from market news:

– Combination to create a company with gold, oil and natural gas assets around the world.

– Deal will help Freeport diversify; its mining profile mostly outside of the US and Plains and McMoRan in energy within California, the Gulf of Mexico and Texas

– Shares in Plains rose 25% to US$45.10 in premarket trading from the US$36.05 close on Tuesday

Click here to read full Financial Post article.

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