Freeport-McMoRan To Buy McMoRan And Plains Exploration
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) will pay approximately $14.75 in cash to acquire McMoRan Exploration Co. (NYSE: MMR) and $50 in cash and stock to buy Plains Exploration & Production Co. (NYSE: PXP). Shares of Freeport-McMoRan plummeted $5.49 to $32.79 while McMoRan Exploration stock leaped $6.97 to $15.43. Plains Exploration stock jumped $8.95 to $45.00.
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