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Stock Market & Financial Investment News

News Breaks
December 5, 2012
08:50 EDTFCX, PXP, MMRFreeport 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
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October 30, 2014
07:25 EDTFCXFreeport McMoRan price target lowered to $37 from $39 at Brean Capital
Brean Capital lowered its price target on Freeport McMoRan to $37 from $39 following its Q3 earnings beat, citing the company's soft guidance and lower commodity pricing. Brean Capital reiterates its Buy rating on Freeport McMoRan shares.
October 29, 2014
08:44 EDTFCXFreeport McMoRan risks priced into shares, says BofA/Merrill
BofA/Merill believes Freeport McMoRan's Indonesia risk is priced in shares and downside is limited. The analyst said Freeport's investment grade balance sheet is underappreciated and a positive agreement with GOIN could be the next positive catalyst. Shares are Buy rated with a d$39 price target, down from $42.
October 28, 2014
10:47 EDTFCXFreeport McMoRan: Balance sheet is a work in progress
10:13 EDTFCXFreeport McMoRan says copper consumption continues to remain strong
Despite the global economic conditions that overhang the copper market, such as geopolitical and financial issues in Europe and China, the company said it has a positive outlook on copper consumption boasted by moderate growth in the US. Comments taken from Q3 earnings conference call.
08:19 EDTFCXFreeport McMoRan reports Q3 EPS ex-charges 64c, consensus 61c
08:18 EDTFCXFreeport McMoRan Q3 results include 11c charges
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08:07 EDTFCXFreeport McMoRan sees Q4 Oil and gas sales volumes 125 MBOE/day
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08:04 EDTFCXFreeport McMoRan reports Q3 EPS with charges 53c, consensus 61c
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October 27, 2014
15:36 EDTFCXNotable companies reporting before tomorrow's open
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13:12 EDTFCXEarnings Preview: Freeport McMoRan sees Q3 copper sales about 1.1B pounds
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08:29 EDTFCXFreeport copper miners threaten month long strike, Reuters reports
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October 20, 2014
06:20 EDTFCXFreeport McMoRan upgraded to Neutral from Sell at Citigroup
Citigroup upgraded Freeport McMoRan to Neutral citing the recent pullback in shares. Citi keeps a $31 price target for the stock.

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