Shareholders of Freeport, Phelps OK deal |
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Wed, 14 Mar 2007 20:28
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NEW YORK (AP) - Shareholders of Freeport McMoran Copper & Gold Inc. and the miner's takeover target, Phelps Dodge Corp., OK'd the $25.9 billion cash-and-stock buyout, the companies said Wednesday.At separate stockholder meetings, about 98 percent of the votes cast by shareholders of each company supported the deal, which will create the world's largest publicly traded copper producer.The transaction, first announced in November, is expected to close March 19.New Orleans-based Freeport McMoran said stockholders also approved an increase in the number of authorized shares to 700 million from 423.6 million.Freeport McMoran shares fell 33 to $56.37 in afternoon trading on the New York Stock Exchange. Phelps Dodge shares gained 34 cents to $125.61.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Freeport, Phelps holders to vote on deal 