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AZ Central

Phoenix-based Freeport announces $20B in acquisitions

December 5, 2012

Freeport-McMoran Copper & Gold, already Arizona's largest and most profitable company, today announced $20 billion in two acquisitions that will put it into the big leagues of oil and natural gas production. The Phoenix-based mining giant said it will purchase Plains Exploration & Production Co. and the roughly two-thirds of McMoRan Exploration Co. not currently owned by Freeport-McMoRan and Plains. The combined $20 billion in acquisitions includes $10.5 billion in assumed debt, with the rest represented by a stock and cash purchase.

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