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Freeport to Acquire Plains Exploration, McMoRan Exploration for $9 Billion
Reuters reported that , in a move intended to make them a more significnat player in energy, Freeport-McMoRan Copper & Gold is buying Plains Exploration & Production Co and McMoRan Exploration Co for $9 billion in cash and stock.
As quoted in the market report:
The combination would create a company with gold, oil and natural gas assets around the world. Freeport said the new entity, on a pro-forma basis, would generate almost three-quarters of its 2013 operating earnings from mining and the rest from oil and gas.
