New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
December 5, 2012
08:50 EDTFCX, MMR, PXPFreeport 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.
News For FCX;PXP;MMR From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
February 12, 2016
12:09 EDTFCXU.S. Energy reports sale of Mt. Emmons mine site to Freeport subsidiary
U.S. Energy (USEG) announced that it entered into an acquisition agreement with Mt. Emmons Mining, or MEM, a subsidiary of Freeport-McMoRan (FCX), whereby MEM acquired the company's Mt. Emmons mine site located in Gunnison County, Colorado, including the Keystone Mine, a related water treatment plant and other related properties. Under the agreement, MEM will replace the company as the owner and permittee of the water treatment plant, the associated mining assets and will discharge the obligation of the company to operate the water treatment plant upon closing. Concurrent with entry into the agreement, and as additional consideration for MEM to accept transfer of the properties, the company entered into a Series A Convertible Preferred Stock Purchase Agreement, pursuant to which the company issued 50,000 shares of newly designated convertible preferred stock with a cumulative noncash dividend to MEM. With the divestiture of the Mount Emmons Mining operations, U.S. Energy Corp. will have eliminated its mining related operating costs of approximately $3M per year, a portion of which relates to operation of the water treatment plant. Coupled with the overhead reduction of $4M at year end 2015, approximately $7M savings can be realized on an annualized basis. "The reductions have been implemented to support the ongoing business plan of U.S. Energy Corp. during this industry downturn and low commodity price environment," the company said. CEO David Veltri added, "This transaction will end our mining activities and together with the earlier reductions and savings will position U.S. Energy to execute our strategy to transform the company to profitability and to grow our oil and gas assets during 2016 and beyond."
February 10, 2016
09:00 EDTFCXFreeport has substantial value, deleveraging potential, says Cowen
Subscribe for More Information
February 9, 2016
09:07 EDTFCXIndonesia will allow Freeport to renew export permit, Bloomberg reports
Indonesia's government has issued a recommendation for Freeport-McMoRan to renew its export permit, which will pave the way for the company to resume shipments from its Grasberg copper and gold mine, reported Bloomberg. Reference Link
07:39 EDTFCXFreeport McMoRan price target raised to $6.50 from $5 at Jefferies
Subscribe for More Information
February 5, 2016
15:59 EDTFCXOptions Update; February 5, 2016
Subscribe for More Information
February 4, 2016
15:59 EDTFCXOptions Update; February 4, 2016
Subscribe for More Information
February 3, 2016
10:00 EDTFCXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AIG (AIG) downgraded to Market Perform from Outperform at William Blair... Credit Acceptance (CACC) downgraded to Underperform at Raymond James... CIT Group (CIT) downgraded to Neutral from Buy at Citi... Cobalt (CIE) downgraded at Stifel... Cypress Energy (CELP) downgraded to Outperform from Strong Buy at Raymond James... Freeport McMoRan (FCX) downgraded on weak near-term outlook at Argus... Gastar Exploration (GST) downgraded to In-Line from Outperform at Imperial Capital... Intersil (ISIL) downgraded to Sell from Neutral at Citi... LyondellBasell (LYB) downgraded to Outperform from Top Pick at RBC Capital... Marriott (MAR) downgraded to Market Perform from Outperform at Wells Fargo... Microchip (MCHP) downgraded to Sell from Neutral at Goldman... Morgan Stanley (MS) downgraded to Underweight from Neutral at Atlantic Equities... Navios Maritime Partners (NMM) downgraded to Hold from Buy at Deutsche Bank... Peapack-Gladstone (PGC) downgraded to Hold from Buy at Sandler O'Neill... QIWI (QIWI) downgraded to Market Perform from Outperform at William Blair... STORE Capital (STOR) downgraded to Neutral from Buy at Ladenburg... Spark Energy (SPKE) downgraded to Neutral from Outperform at Baird... Stone Energy (SGY) downgraded to In-Line from Outperform at Imperial Capital... SunEdison Semiconductor (SEMI) downgraded to Sell from Neutral at Goldman... Teradyne (TER) downgraded to Neutral from Buy at Goldman... Texas Instruments (TXN) downgraded to Sell from Neutral at Goldman... UBS (UBS) downgraded to Sector Perform from Outperform at RBC Capital... Whiting Petroleum (WLL) downgraded on oil price outlook at Stifel... Xcel Energy (XEL) downgraded to Sell from Neutral at UBS... Xilinx (XLNX) downgraded to Buy from Conviction Buy at Goldman... Yahoo (YHOO) downgraded to Hold from Buy at Axiom.
09:07 EDTFCXFreeport McMoRan downgraded on weak near-term outlook at Argus
Subscribe for More Information
07:34 EDTFCXFreeport McMoRan downgraded to Hold from Buy at Argus
Subscribe for More Information
February 2, 2016
06:50 EDTFCXFreeport asks Indonesia to reduce, postpone $530M smelter bond, Reuters says
Freeport-McMoRan has asked Indonesia to cut or postpone a $530M smelter bond that the local unit of the company needs to set aside before receiving an extension of its export permit, Reuters reports, citing Indonesia's mining minister. "They have appealed to ask whether we can postpone it or give them a discount, but we asked them to show their commitment in another equivalent way," Energy and Mines Minister Sudirman Said told reporters. Reference Link
February 1, 2016
06:43 EDTFCXFreeport's Indonesian copper mine output running at normal levels, Reuters says
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use