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News Breaks | | | | December 5, 2012 | | 08:50 EDT |  | FCX, PXP, MMR | Freeport to buy Plains Exploration for $6.9B, McMoRan Exploration for $2.1B
Freeport-McMoRan Copper & Gold (FCX) announced definitive merger agreements under which FCX will acquire Plains Exploration & Production Company (PXP) for approximately $6.9B in cash and stock and FCX will acquire McMoRan Exploration (MMR) for approximately $3.4B in cash, or $2.1B net of 36% 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% overriding royalty interest on future production in MMR’s existing shallow water ultra-deep properties. The combined company is expected to be a premier U.S.-based natural resource company with an industry leading global portfolio of mineral assets, significant oil and gas resources and a growing production profile. FCX has agreed to acquire PXP for per-share consideration consisting of 0.6531 shares of FCX common stock and $25.00 in cash, equivalent to total consideration of $50.00 per PXP share, based on the closing price of FCX stock on December 4. This represents a premium of 39% to the PXP closing price on December 4, and 42% to its one-month average price at that date. PXP shareholders may elect to receive cash or stock consideration, subject to proration in the event of oversubscription, with the value of the cash and stock per-share consideration to be equalized at closing. Aggregate consideration to the PXP shareholders is expected to consist of approximately $3.4B in cash and approximately 91M shares of FCX common stock. FCX has agreed to acquire 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, and 31% to its one-month average price at that date. 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. In pre-market trading after the deal was confirmed, after being reported by Financial Times and The Wall Street Journal, shares of Freeport are down about 14% to $32.90. Meanwhile, shares of Mcmoran Exploration are higher by over 74% to $14.75 and Plains Exploration is up 24% to $44.73. | |
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News For FCX;PXP;MMR From The Last 14 Days Check below for free stories on FCX;PXP;MMR the last two weeks. |
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| May 16, 2013 | | 08:12 EDT | | PXP, FCX | Freeport, Plains Exploration announce preliminary results of merger election
 Subscribe for More Information | | | May 15, 2013 | | 17:18 EDT | | FCX | BP Capital gives quarterly update on stakes
Subscribe for More Information | | | May 14, 2013 | | 07:29 EDT |  | FCX | BofA/Merrill to host a conference
Subscribe for More Information | | | May 13, 2013 | | 07:36 EDT | | FCX, PXP | Plains Exploration CEO urges holders to support Freeport McMoRan merger
Plains Exploration (PXP) CEO and Chairman James C. Flores urged shareholders to support the merger with Freeport McMoRan (FCX) in a letter. The letter explained that "The strategic nature of the transaction, including the fact that the combination of the PXP, FCX and McMoRan Exploration businesses is expected to create the largest diversified U.S.-based natural resource company with an enterprise value in the top five among global mining peers, increase geographic diversification of the combined company within the U.S. and increase commodity diversification for the combined company. The scale of the combined company, which will enable it to compete more effectively than either PXP, FCX or MMR on a standalone basis, through increased cash flow and lower cost of capital investment in future development projects, exploration and acquisitions." | | | May 9, 2013 | | 14:30 EDT |  | FCX | Options Update; May 9, 2013
Subscribe for More Information | | | 11:34 EDT | | MMR | Options with increasing implied volatility: BKS MMR LIFE GDI
Subscribe for More Information | | | 08:13 EDT | | FCX, PXP | PXP announces support for merger with Freeport-McMoRan
Subscribe for More Information | | | 08:02 EDT | | PXP, FCX | Freeport McMoRan says agreed terms for Plains Exploration are 'best and final'
Subscribe for More Information | | | 08:01 EDT | | PXP, FCX | Freeport McMoRan says agreed terms for Plains Exploration are 'best and final'
Subscribe for More Information | | | May 8, 2013 | | 14:03 EDT |  | FCX | Freeport McMoRan reiterated as an Overweight at Morgan Stanley
| | | | May 6, 2013 | | 10:49 EDT | | FCX | Cliffs Natural rallies after analyst raises stock to Outperform
Mining company Cliffs Natural (CLF) is climbing after FBR Capital analyst Mitesh Thakkar upgraded the stock to Outperform from Market Perform in a note to investors earlier today. WHAT'S NEW: After meeting with Cliffs' management, Thakkar is more convinced that the company can use various methods to offset declines in iron ore prices. Specifically, Cliffs Natural can reduce its spending on various initiatives, and sell assets to raise cash if necessary, the analyst contended. In addition, there are signs that China's iron ore imports could increase, while Cliffs' stock has slumped 49% this year, making its valuation attractive, the analyst wrote. Thakkar kept a $28 price target on the shares. TODAY'S PRICE ACTION: In mid-morning trading, Cliffs gained 85c, or 4.3%, to $20.75. OTHERS TO WATCH: Other metal producers rose slightly, with Alcoa (AA) adding 0.75% to $8.70, BHP Billiton (BHP) gaining 0.4% to $67.80, and Freeport McMoRan (FCX) gaining 0.75% to $31.40. | | | 09:49 EDT | | PXP, FCX | CR Intrinsic says Plains Exploration worth 40% more than current market price
Subscribe for More Information | | | 09:37 EDT | | PXP, FCX | CR Intrinsic Investors to vote against Plains Exploration acquisition
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