Freeport-McMoRan completes $26 billion acquisition of Phelps Dodge

By Lisa Kerner

Charlotte, N.C., March 19 - Freeport -McMoRan Copper & Gold Inc. said it completed the $26 billion acquisition of Phelps Dodge Corp. to create the largest publicly traded copper company.

Phelps Dodge shareholders received $88.00 in cash, or $18 billion in total, plus 0.67 shares of Freeport-McMoRan common stock, or 137 million shares in total, for an equivalent value of $128.68 per Phelps Dodge share.

Phelps Dodge's common stock (NYSE: PD) ceased trading on the New York Stock Exchange at the close of business Monday.

James R. Moffett will continue as chairman and Richard C. Adkerson will continue as chief executive officer of Freeport-McMoRan.

Timothy R. Snider, previously president and chief operating officer at Phelps Dodge, was named to the same positions at Freeport-McMoRan. J. Steven Whisler, chairman and chief executive officer of Phelps Dodge, will retire after more than 30 years with the company.

Three former directors of Phelps Dodge have been elected to Freeport-McMoRan's board of directors: General Charles C. Krulak, Jon C. Madonna and Dustan E. McCoy.

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.

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