In a friendly merger Freeport- McMoRan Copper and Gold Inc. has agreed to acquire its US mining rival Phelps Dodge Corp. for $25.9 billion in cash and stock. Following the world’s biggest mining takeover, the stockholders of Phelps Dodge will get $88 in cash and 0.67 share of New Orleans-based Freeport. The new entity would have reserves amounting to 75 billion pounds of copper, 41 million ounces of gold & 1.9 billion pounds of molybdenum, making it the world’s largest publicly traded copper manufacturer overtaking BHP Billiton, and may end Phelps Dodge’s battle with rebel shareholder Atticus Capital (a New Yorkbased hedge fund with $11bn in assets). Phelps Dodge is the world’s third-largest copper producer, with mines in the US, Chile & Peru.
For Complete IIPM-Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Editor:- Prof. Arindam Chaudhuri - 2006
For Complete IIPM-Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Editor:- Prof. Arindam Chaudhuri - 2006
