Freeport-McMoRan Agrees To Buy Phelps Dodge
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Freeport-McMoRan Copper & Gold Inc., owner of the world’s biggest gold mine, said it agreed to acquire Phelps Dodge Corp. for $25.9 billion in cash and stock to become the world’s largest publicly traded copper company.
Phelps Dodge stockholders will get $126.46 a share, New Orleans-based Freeport-McMorRan said today in a statement sent by Business Wire. That’s 33% more than Phelps Dodge’s closing price on November 17.
