Plains, McMoRan Shareholders Challenge $9B Freeport Bid

Law360, Wilmington (December 11, 2012, 8:56 PM EST) -- Shareholders of Plains Exploration & Production Co. and McMoRan Exploration Co. on Tuesday sued in Delaware Chancery Court to halt Freeport-McMoRan Copper & Gold Inc.’s $9 billion combined bid for the oil and gas companies, saying both deals reward company officials at investors' expense.

Two shareholders represented by Faruqi & Faruqi LLP filed separate class actions claiming the directors of Plains and McMoran breached their fiduciary duty by agreeing to the deals at an inadequate price.

Phoenix-based Freeport hailed its return the energy sector, announcing Dec....
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