Freeport-McMoRan to buy Plains, McMoRan Exploration for $9 billion


Freeport-McMoRan Copper & Gold Inc said on Wednesday it would acquire Plains Exploration & Production Co and McMoRan Exploration Co in two separate deals for $9 billion in cash and stock.

Freeport said it would buy Plains for $6.9 billion in cash and stock. It would buy McMoRan Exploration for $2.1 billion cash after taking into account the stake in McMoRan that Freeport already owns.

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(Reporting By Ben Berkowitz; Editing by Gerald E. McCormick)