Wachtell Leads Freeport To $9B Merger With Plains, McMoRan

Law360, New York (December 5, 2012, 1:29 PM EST) -- Freeport-McMoRan Copper & Gold Inc. will put up $9 billion for Plains Exploration & Production Co. and McMoRan Exploration Co. to form a natural resources conglomerate worth $60 billion in a major return to the energy sector, the company said Wednesday.

Under the cash-and-stock deal's terms, Phoenix-based Freeport will pay Plains investors $25 plus 0.6531 of a Freeport share for each of their units, totaling about $50 per share for a total consideration of about $6.9 billion — a 39 percent premium over Tuesday's close....
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