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Freeport-McMoRan agrees to buy Phelps for $25.9 bln

Written by: Staff
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NEW YORK, Nov 20 (Reuters) Freeport-McMoRan Copper&Gold Inc. has said it agreed to acquire Phelps Dodge Corp. for .9 billion in cash and stock, creating the world's largest publicly traded copper company.

Freeport-McMoRan said it will pay a total of 6.46 per Phelps Dodge share.

Each Phelps Dodge shareholder would receive per share in cash plus 0.67 of a common share of Freeport-McMoRan.

Freeport-McMoRan said this represents a premium of 33 percent to Phelps Dodge's closing price on November 17 and a premium of 29 percent to its one-month average price at that date.

On Friday, Nov. 17, Phelps Dodge shares closed at .02, while Freeport-McMoRan's stock closed at .40, both on the New York Stock Exchange.

REUTERS DKS PM0552

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