By Lisa Kerner
Charlotte, N.C., March 14 - Freeport-McMoRan Copper & Gold Inc.'s acquisition of Phelps Dodge Corp. was approved by shareholders of both companies at special meetings held Wednesday.
At each meeting, approximately 98% of the votes cast were in support of the transaction, according to a news release.
Phelps Dodge shareholders will receive $88 in cash and 0.67 of a share of Freeport-McMoRan's common stock for each Phelps Dodge common share, or about $125.53 per share.
The $26 billion cash and stock transaction is expected to close on March 19.
"We are pleased with the approval from shareholders, which will allow us to complete the acquisition of Phelps Dodge," Freeport-McMoRan president and chief executive officer Richard C. Adkerson said in the release.
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 in cash plus 0.67 common shares of Freeport-McMoRan
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| Announcement date: | Nov. 16
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| Expected closing: | March 19
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| Stock price for target: | NYSE: PD; $125.71 on March 14
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| Stock price for acquirer: | NYSE: FCX; $56.38 on March 14
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