Freeport-McMoRan (FCX) to Acquire McMoRan (MMR), Plains Exploration (PXP) for ~$9B
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Plains Exploration & Production Company (NYSE: PXP) and McMoRan Exploration Co. (NYSE: MMR) announced today that they have signed definitive merger agreements under which FCX will acquire PXP for approximately $6.9 billion in cash and stock and FCX will acquire MMR for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests currently owned by FCX and PXP. Upon closing, MMR shareholders will also receive a distribution of units in a royalty trust which will hold a 5 percent overriding royalty interest on future production in MMR’s existing shallow water ultra-deep properties.
Posted on December 5, 2012, in AMERICAS, Gulf of Mexico, North America, Oil & Gas - offshore, United States and tagged AMERICAS, energy, gulf of mexico, Natural Gas, News, Offshore drilling, Oil & Gas - offshore, United States. Bookmark the permalink. Comments Off on Freeport-McMoRan (FCX) to Acquire McMoRan (MMR), Plains Exploration (PXP) for ~$9B.