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Stock Market & Financial Investment News

News Breaks
December 5, 2012
08:27 EDTFCX, MMR, PXP, CIE, EXXIFreeport close to buying McMoRan Exploration, Plains, WSJ reports
Freeport-McMoRan (FCX) is near a deal to acquire McMoRan Exploration (MMR) and Plains Exploration & Production (PXP), Wall Street Journal reports, citing people familiar with the matter. The combined price for both companies could be close to $20B, including debt, one of the people told the Journal. A deal could be announced today, the reported added. Recall that overnight, Financial Times reported that Freeport-McMoRan plans to acquire two big oil and gas companies. Other names with oil and gas exposure trading higher following the reports include Cobalt (CIE) and Energy XXI (EXXI).
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