Referenced Stocks

UPDATE: Freeport to Buy Plains Exploration & Production and McMoRan Exploration; FCX Near Yr Lows, MMR Up 80%, PXP Up 25%

By Midnight Trader,  December 05, 2012, 02:10:44 PM EDT

Shares of Freeport-McMoRan ( FCX ) are down 14.5% and although around $1 above day low are nearer to 52 week lows after the company confirmed earlier media reports that it will acquire Plains Exploration & Production Company ( PXP ) for approximately $6.9 billion in cash and stock and McMoRan Exploration ( MMR ) for approximately $3.4 billion in cash, or $2.1 billion net of 36% of the MMR interests currently owned by FCX and PXP. Upon closing, MMR shareholders will also receive a distribution of units in a royalty trust which will hold a 5% overriding royalty interest on future production in MMR' existing shallow water ultra-deep properties.

PXP is up 25%, while MMR is up more than 80% and within $1 of 52 week highs.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: FCX, MMR, PXP



Latest News Video

Europe Dips, Asia Rises on Earnings & Commodities
Europe Dips, Asia Rises on Earnings...
Some UC Patients Still to Receive Care During Strike
Some UC Patients Still to Receive C...
Storm Chaser Describes The Magnitude Of The OK Tornado
Storm Chaser Describes The Magnitud...
Oklahoma City Reporter Updates The Situation In Moore
Oklahoma City Reporter Updates The ...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.475 0.04  0.26%
F $ 15.008 0.04  0.28%
SIRI $ 3.52 0.02  0.57%
YGE $ 3.6215 0.52  16.82%
CLWR $ 3.42 0.16  4.91%
MSFT $ 35.035 0.05  0.13%
INTC $ 24.113 0.03  0.14%
CSCO $ 23.83 0.12  0.48%