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Richard Adkerson

Plains CEO urges shareholders to back Freeport deal

The chief executive of Plains Exploration & Production Co urged shareholders on Monday to vote in favor of Freeport McMoRan Copper & Gold Inc's proposed takeover of the energy company.The open letter from CEO James Flores follows recommendations by two proxy advisory firms, ISS and Glass Lewis & Co, that shareholders vote against the $6 billion deal, arguing that it undervalues the oil and gas company.Freeport said on Thursday that it does not plan to raise its offer, which values each Plains share at $25 plus 0.6531 of its common stock, calling the terms of the friendly deal "best and final.In December, copper miner Freeport announced plans to buy Plains as well as another oil and gas company, McMoRan Exploration Co , aiming to diversify into the U.S. energy sector in a hedge against copper's uncertain outlook.Flores said in his letter to shareholders that as result of the takeover the combined company would be stronger and better positioned to develop future projects.Flores stands to...

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  1. Freeport-McMoRan 2012 Earnings Fall 35%; Output Slips

    Freeport-McMoRan Copper & Gold Inc. (FCX), the world's largest listed copper-mining company, saw its 2012 earnings fall 35% as copper and gold output declined at its...

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    Freeport McMoRan Copper & Gold Inc. (FCX) acquired a share in a cobalt refinery in the Democratic Republic of Congo as part of the company's continued focus on cobal...

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    Freeport McMoRan Copper & Gold Inc. (FCX) had unusually low copper production in 2012, said Chief Executive Richard Adkerson.Mr. Adkerson said 2012 was an "abnormal"...

  4. Freeport's frustrated dealmaker Adkerson strikes again

    Freeport McMoRan Copper & Gold Inc Chief Executive Richard Adkerson is known for taking big risks - building his company around mines in Asia, spending nearly $26 bi...

  5. Freeport makes $9 billion energy bet; Wall Street pans deal

    Freeport-McMoRan Copper & Gold Inc struck a deal to buy Plains Exploration & Production Co and McMoRan Exploration Co for $9 billion in a bold bid to diversify into ...

  6. Freeport makes $9 billion energy bet, Wall Street pans deal

    Freeport-McMoRan Copper & Gold Inc struck a deal to buy Plains Exploration & Production Co and McMoRan Exploration Co for $9 billion in a bold bid to diversify into ...

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    Freeport McMoRan Copper & Gold Inc.'s (FCX) acquisition of two energy companies wasn't motivated by concerns about the future of Freeport's Indonesian or African ope...

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