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Stock Market & Financial Investment News

News Breaks
December 5, 2012
08:50 EDTMMR, PXP, FCXFreeport 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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April 28, 2015
10:05 EDTFCXOn The Fly: Analyst Upgrade Summary
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08:46 EDTFCXOn The Fly: Pre-market Movers
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06:22 EDTFCXFreeport McMoRan upgraded on volume increases, deleveraging at Morgan Stanley
As previously reported, Morgan Stanley upgraded Freeport McMoRan to Overweight with a $29 price target. The firm has reduced concerns about financing due to ramping volumes and cost declines. Morgan Stanley believes Freeport McMoRan's copper growth projects are near an inflection and production increases will drive a 28% volume increase at a lower cost and reduced capex. The company is also considering a sale of public equity for a minority interest in its oil and gas subsidiary that could unlock additional value and generate further funding and reduce debt in the energy business.
05:51 EDTFCXFreeport McMoRan upgraded to Overweight from Equal Weight at Morgan Stanley
April 27, 2015
11:34 EDTFCXStocks with call strike movement; TWTR FCX
Twitter (TWTR) September 65 call option implied volatility increased 2% to 42, Freeport McMoRan (FCX) August 24 call option implied volatility increased 3% to 37 according to IVolatility.
April 23, 2015
10:47 EDTFCXFreeport McMoRan sees FY16 sales of copper 5.4B pounds, sales of gold 1.9M oz
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10:42 EDTFCXFreeport says IPO alternative for O&G business will highlight value
Provides alternative form of equity capital to fund O&G business. FCX says will maintain control and majority ownership of business. Possible timing for FCX O&G offering is late 2015 if market conditions are favorable. Other alternatives will continue to be assessed in the interim.
10:13 EDTFCXFreeport McMoRan optimistic for mid-term, long-term prospects for business
Comment from Q1 earnings conference call.
08:17 EDTFCXFreeport considering sale of minority equity stake in oil and gas unit
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08:05 EDTFCXFreeport McMoRan sees FY15 capex about $6.5B
Capital expenditures are expected to approximate $6.5B for the year 2015, including $2.5B for major projects at mining operations and $2.8B for oil and gas operations.
08:04 EDTFCXFreeport sees Q2 sales of copper 960M pounds, sales of gold 300K oz.
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08:03 EDTFCXFreeport sees FY15 sales of copper 4.2B pounds, sales of gold 1.3M oz.
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08:02 EDTFCXFreeport McMoRan reports Q1 adjusted EPS (6c), consensus (7c)
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April 22, 2015
15:50 EDTFCXNotable companies reporting before tomorrow's open
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13:31 EDTFCXEarnings Watch: Freeport McMoRan expects to sell 950M pounds of copper in Q1
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April 16, 2015
10:58 EDTFCXStocks with call strike movement; RIG FCX
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