Anadarko +2.5% as Freeport disregards lender dissent in $2B asset sale

• Anadarko Petroleum (APC +2.5%) is higher as Freeport McMoRan (FCX -0.4%) pushes ahead with plans for a $2B asset sale to the company even after failing to win creditor support for the deal.
• FCX says it will merge with a subsidiary to get around the obstacle thrown up by its bondholders, even as creditors say the move violates their agreement with the company.
• FCX initially sought consent from creditors to change the existing agreement but says the offer expired yesterday evening after creditors had failed to give their approval.