Freeport-McMoRan Copper & Gold Inc. and Plains Exploration & Production Company Announce PXP Shareholders Approve Acquisition
20 Mai 2013 - 8:03PM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Plains
Exploration & Production Company (NYSE: PXP) today announced
that the shareholders of PXP approved FCX’s acquisition of PXP at a
special meeting held today. A majority of the outstanding shares
approved the transaction.
The transaction is anticipated to close on May 31, 2013.
Following completion of the transaction, there are expected to be
approximately 1,038 million shares of FCX outstanding.
Upon closing of the merger, FCX will be a premier U.S.-based
natural resource company with an industry leading global portfolio
of mineral assets, significant oil and gas resources and a growing
production profile. FCX is the world’s largest publicly traded
copper producer.
ABOUT FREEPORT-MCMORAN COPPER & GOLD INC.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX has a dynamic portfolio of
operating, expansion and growth projects in the copper industry and
is the world’s largest producer of molybdenum.
The company’s portfolio of assets includes the Grasberg minerals
district, one of the world’s largest copper and gold mines in terms
of recoverable reserves; significant mining operations in the
Americas, including the large scale Morenci and Safford minerals
districts in North America and the Cerro Verde and El Abra
operations in South America; and the Tenke Fungurume minerals
district in the Democratic Republic of Congo. Additional
information about FCX is available on FCX’s website at
www.fcx.com.
ABOUT PLAINS EXPLORATION & PRODUCTION COMPANY
PXP is an independent oil and gas company primarily engaged in
the activities of acquiring, developing, exploring and producing
oil and gas in California, Texas, Louisiana, and the Deepwater Gulf
of Mexico. PXP is headquartered in Houston, Texas. Additional
information about PXP is available on PXP’s website at
www.pxp.com.
Cautionary Statement Regarding Forward Looking
Statements: This press release contains forward-looking
statements concerning the proposed transaction, the expected
timetable for completing the proposed transaction, and other
matters. Forward-looking statements are all statements other than
statements of historical facts. The words “anticipates,” “may,”
“can,” “plans,” “believes,” “estimates,” “expects,” “projects,”
“intends,” “likely,” “will,” “should,” “to be,” and any similar
expressions or other words of similar meaning are intended to
identify those assertions as forward-looking statements. It is
uncertain whether the events anticipated will transpire, or if they
do occur what impact they will have on the results of operations
and financial condition of FCX, PXP or of the combined company.
These forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those anticipated, including but not limited to the ability of
the parties to satisfy the conditions precedent and consummate the
proposed transaction, the timing of consummation of the proposed
transaction, the ability of FCX to integrate the acquired
operations, the ability to implement the anticipated business plans
following closing and achieve anticipated benefits and savings, and
the ability to realize opportunities for growth. Other important
economic, political, regulatory, legal, technological, competitive
and other uncertainties are identified in the documents filed with
the Securities and Exchange Commission (the “SEC”) by FCX and PXP
from time to time, including their respective Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K. The forward-looking statements including in this press
release are made only as of the date hereof. Neither FCX nor PXP
undertakes any obligation to update the forward-looking statements
included in this press release to reflect subsequent events or
circumstances.
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