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Freeport-McMoRan Inc. (FCX)

  • Oct. 10, 2014, 6:11 PM
  • Oct. 6, 2014, 4:38 PM
  • Feb. 12, 2014, 9:59 AM
  • Jun. 3, 2013, 3:10 PM
    In a foregone conclusion, Freeport McMoRan (FCX +1%) completes the final step of its three-way combination with Plains Exploration and McMoRan Exploration (MMR +0.6%), as MMR shareholders vote to approve the $2.2B part of the deal between the two companies.
  • May 20, 2013, 10:07 AM
    Paulson & Co., whose funds own ~9.9% of the outstanding shares (12.8M) of Plains Exploration (PXP +7%), says it will vote in favor of Freeport McMoRan's (FCX -0.9%) proposed takeover of PXP and McMoRan Exploration (MMR) as it "adds another avenue for growth, diversifies its cash flows, and increases the proportion of earnings from the United States."
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  • May 17, 2013, 11:23 AM
    While a razor-thin margin one way or the either is anticipated in next Monday's vote on Freeport McMoRan's (FCX) takeover bid for Plains Exploration (PXP), FCX shares could be poised to rise on either outcome. But all bets are off if FCX sees the bid on the verge of defeat and decides to sweeten the pot after saying it wouldn't do so. A higher offer could further pressure shares, already -16% since the deal was announced.
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  • May 13, 2013, 9:09 AM
    Plains Exploration (PXP) CEO James Flores urges shareholders to back the proposed merger with Freeport McMoRan (FCX) ahead of the May 20 shareholder meeting, citing the strategic nature of the transaction, the financial and operational strength of the combined businesses, and the expected lower borrowing cost. Flores also criticizes analyses provided by ISS and Glass Lewis, which oppose the merger.
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  • May 9, 2013, 8:25 AM
    Freeport McMoRan (FCX) reiterates its support for its proposed acquisition of Plains Exploration (PXP) and that the agreed terms are the "best and final" offer. PXP says the financial and operational strength of the combined businesses will allow for accelerated value creation across the entire asset portfolio. FCX +1.3%, PXP -2.6% premarket.
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  • May 8, 2013, 3:18 PM
    Freeport McMoRan's (FCX +2.7%) planned acquisition of Plains Exploration (PXP) likely will close in June despite objections, Morgan Stanley predicts as it maintains an Outperform rating on the shares. Long-term FCX shareholders should be rewarded with strong growth through 2015 and lower political uncertainty, the firm says, adding that copper inventories are starting to decline.
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  • May 7, 2013, 2:29 PM
    Freeport McMoRan (FCX +0.2%) will not boost its offer for Plains Exploration (PXP +1.6%), according to sources cited by Dealreporter. Earlier today, ISS recommended shareholders vote against the deal as it believes the stock should trade higher based on intrinsic value alone.
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  • May 7, 2013, 12:13 PM
    Proxy advisory firm ISS becomes the third financial outfit to come out against the proposed $6B takeover of Plains Exploration (PXP +2.2%) by Freeport McMoRan (FCX +0.4%). The FCX offer is too low, ISS says, adding that "even at the announcement day valuation of $49.55, the transaction would offer little or no takeover premium to the current stand-alone value." (earlier)
  • May 6, 2013, 2:12 PM
    SAC Capital unit CR Intrinsic says it will vote against Freeport McMoRan's (FCX +1.2%) pending acquisition of Plains Exploration (PXP +1.1%) because it undervalues the company. CR says shares of PXP's peers have risen since the deal was announced, and that PXP has reported two operationally strong quarters. CR says its affiliates and funds it manages own ~3.8% of PXP.
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  • Apr. 25, 2013, 12:23 PM
    Freeport McMoRan (FCX +1.2%) has been under pressure to raise its offer for Plains Exploration (PXP -1.4%), but Deutsche Bank's Jorge Beristain thinks that could change after Anadarko reported lower-than-expected results from its Phobos well. The announced 250 net feet for the project roughly equates to 250M boe, far below market expectations of ~500M and DB estimates of 600M, Beristain says.
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  • Apr. 18, 2013, 12:11 PM
    Analysts say Freeport McMoRan (FCX +1.4%) may need to raise its buyout bid for Plains Exploration (PXP +1.8%) to secure support from PXP stockholders ahead of initial drilling results from the key Phobos project in the Gulf of Mexico. Since the ~$50/share buyout was announced, FCX shares have slid 24%, reducing the value of the deal to ~$44/share.
  • Jan. 24, 2013, 5:57 PM
    Freeport-McMoRan's (FCX) $9B deal to buy two energy companies has prompted the unusual step from shareholders of the acquiring company to go after their own directors for overpaying; more typical are class actions from shareholders of target companies who say the purchase price is too low. Six FCX directors also on MMR's board will reap $131M for their stock in near-bankrupt MMR, according to lawsuits.
  • Dec. 11, 2012, 6:20 PM
    The backlash is growing against Freeport McMoRan's (FCX) planned acquisition of two oil explorers, as T. Rowe Price and Van Eck - who hold at least 9% of shares - say the tie-up is riddled with conflicts of interest. BlackRock's Evy Hambro, who ripped the deal early, continues to weigh in: He's most upset at the lack of a shareholder vote on a transaction that equals two-thirds of FCX's market cap.
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Company Description
Freeport-McMoRan Inc, formerly Freeport-McMoRan Copper & Gold, deals in the mining of copper, gold and molybdenum.
Industry: Copper
Country: United States