Freeport-McMoRan Copper & Gold Inc said Wednesday it would purchase Plains Exploration & Production Co and McMoRan Exploration Co for $9 billion in cash and stock, in a major expansion into the energy sector.The combination would create a company with gold, oil and natural gas assets around the world.Freeport said the new entity, on a pro-forma basis, would generate almost three-quarters of its 2013 operating earnings from mining and the rest from oil and gas.The deal would also help Freeport diversify, with its mining profile largely outside the United States, and Plains and McMoRan concentrated in energy plays in California, Texas and the Gulf of Mexico.
Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. Shares of FCX fell by 13.9% or $-5.3199/share to $32.96. In the past year, the shares have traded as low as $31.08 and as high as $48.96. On average, 14918800 shares of FCX exchange hands on a given day and today's volume is recorded at 65041952.
McMoRan Exploration Co. (McMoRan) is engaged in the exploration, development and production of oil and natural gas in the shallow waters (less than 500 feet of water) of the Gulf of Mexico and onshore in the Gulf Coast area of the United States. Shares of MMR traded higher by 81.09% or $6.86/share to $15.32. In the past year, the shares have traded as low as $7.25 and as high as $16.34. On average, 3215070 shares of MMR exchange hands on a given day and today's volume is recorded at 43291680.
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