Freeport, Phelps holders to vote on deal |
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Fri, 02 Feb 2007 20:21
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NEW ORLEANS (AFX) - Copper mining companies Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge Corp. said Friday that they will both hold special shareholders meetings on March 14 to vote on Freeport's $25.9 billion acquisition of Phelps.Phoenix-based Phelps Dodge agreed in November to be bought out by Freeport-McMoRan in a deal which would create the world's largest publicly traded copper company.Shareholders that hold stock of both companies on Feb. 12 will be able to vote on the proposed transaction.The acquisition is subject to Freeport and Phelps shareholder approval, regulatory approvals and customary closing conditions.Shares of Freeport fell $1.35, or 2.3 percent, to $55.45 in afternoon trading on the New York Stock Exchange. The stock has been trading in a range of $43.10 and $72.20 for the past 52 weeks. Phelps' stock dropped 87 cents to $122.60 on the Big Board.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Phelps Dodge holder in favor of FCX deal 