By Lisa Kerner
Charlotte, N.C., Feb. 2 - Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge Corp. will each hold special stockholder meetings on March 14 to vote on the proposed acquisition of Phelps Dodge by Freeport-McMoRan for approximately $26 billion in cash and stock.
Under the proposed acquisition, each Phelps Dodge shareholder will receive $88 per share in cash plus 0.67 common shares of Freeport-McMoRan, for a total value of $126.04, according to a company news release.
The transaction, expected to create the world's largest publicly traded copper company, is also subject to regulatory approvals and customary closing conditions.
Freeport-McMoRan is a New Orleans-based explorer, miner and producer of copper, gold and silver.
Phelps Dodge produces copper and molybdenum-based chemicals and is based in Phoenix.
| Acquirer: | Freeport-McMoRan Copper & Gold Inc.
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| Target: | Phelps Dodge Corp.
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| Payment per share: | $88 per share cash plus 0.67 common shares of Freeport-McMoRan
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| Announcement date: | Nov. 16
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| Expected closing: | Upon approvals
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| Stock price for target: | NYSE: PD; $123.47 on Feb. 1
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| Stock price for acquirer: | NYSE: FCX; $56.77 on Feb. 1
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