Freeport Asks Court To Nix Shareholder Suit Over $9B Deal

Law360, Wilmington (March 12, 2014, 10:30 PM EDT) -- Freeport-McMoRan Copper & Gold Inc. and its directors urged a Delaware Chancery judge on Wednesday to toss a shareholder derivative suit over the mining company's $9 billion acquisition of two energy exploration firms, saying the board acted properly in approving the deals.

At oral arguments in Wilmington, Freeport championed its motion to dismiss the consolidated shareholder complaint, which claims the Phoenix-based company overpaid to acquire Plains Exploration & Production Co. and McMoRan Exploration Co. in deals allegedly driven by the self-interest of certain Freeport directors....
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