Freeport-McMoRan, Plains Exploration, McMoRan Exploration to merge

Offshore staff

HOUSTON – Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Plains Exploration & Production Co. (NYSE:PXP) and McMoRan Exploration Co. (NYSE:MMR) have signed definitive merger agreements under which FCX will acquire PXP for approximately $6.9 billion in cash and stock, and FCX will acquire MMR for approximately $3.4 billion in cash.

Pending shareholder and regulatory approvals, the mergers will take place in 2Q 2013.

“FCX has been built through our exploration and development capabilities, and this transaction will enable us to add assets with exceptional exploration and development potential to a world-class mining company to create a premier minerals and oil and gas business focused on value creation for shareholders,” said James R. Moffett, chairman of FCX. “The transaction offers significant values to the MMR and PXP shareholders and will enable FCX to build on these values through a much larger, well capitalized platform.”



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