Mining firm getting closer to acquiring Plains E&P

Freeport-McMoRan Copper & Gold Inc. and Plains Exploration & Production Co. said a majority of Plains shareholders have approved Freeport-McMoRan’s pending acquisition of Plains during a special May 20 meeting.

Closing is expected May 31. Freeport-McMoRan Copper & Gold Inc. reported plans late last year to acquire Plains and McMoRan Exploration Co. in two cash-stock transactions to create what Freeport-McMoran is calling “a premier US-based natural resource company.”

The acquisitions will create a corporation worth about $60 billion, including debt, Freeport-McMoRan said during the merger’s announcement (OGJ Online, Dec. 5, 2012).

The May 20 shareholders vote came the date after Plains board declared a special one-time dividend of $3/share. The dividend was conditioned upon and will be paid immediately before the merger’s completion.

An independent oil and gas company based in Houston, Plains has oil and gas operations in California, Texas, Louisiana, and deepwater Gulf of Mexico.

McMoRan Exploration is an independent based in New Orleans. It has assets in the gulf and onshore Gulf Coast.

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