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News Breaks | | | | December 5, 2012 | | 08:46 EDT |  | FCX, MMR | Freeport McMoRan acquires McMoRan Exploration for $3.4B in cash
Freeport McMoRan (FCX) said it has agreed to acquire McMoRan Exploration (MMR) for per-share consideration consisting of $14.75 in cash and 1.15 units of a royalty trust, which will hold a 5% overriding royalty interest in future production from MMR’s existing ultra-deep exploration properties. The cash consideration of $14.75 per share represents a premium of 74% to the MMR closing price on December 4. The cash portion of the transaction totals $2.1B, excluding payment for MMR interests currently held by FCX and PXP. The cash premium, excluding interests held by FCX and PXP, totals approximately $900M. The transaction is subject to the approval of the shareholders of MMR, including the approval of an amendment to MMR’s certificate of incorporation, receipt of regulatory approvals and customary closing conditions. | |
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