| Freeport-McMoRan agrees to pay $137.5M to end lawsuits | |
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NEW YORK (AP) -- Freeport-McMoRan on Thursday agreed to pay $137.5 million to settle lawsuits surrounding its 2013 acquisition of two companies at a price tag of $9 billion.
A series of lawsuits alleged that the mining company overpaid for McMoran Exploration and Plains Exploration & Production, and that the management of Plains Exploration didn't get the best possible price on the sale and didn't disclose enough information to shareholders. A lawsuit intended to block the merger was denied.
Freeport-McMoRan is not acknowledging any wrongdoing or improper behavior and that it wanted to resolve the lawsuits. The payments will be covered by insurance.
McMoran Exploration was an affiliate of Freeport-McMoran, while Plains Exploration was a competitor that had veto power over a sale of that company. Freeport-McMoRan agreed to buy the companies in December 2012 for a total of $9 billion, or about $19 billion including debt. The deal made Freeport-McMoRan, then a copper and gold mining company, into a natural resources conglomerate with assets ranging from oil rigs in the Gulf of Mexico to a huge copper mine in Indonesia.
The agreement Thursday was disclosed in a filing with the Court of Chancery of the State of Delaware, and the court still needs to approve the settlement.
The law firm Labaton Sucharow, which represents one of the lead plaintiffs in the case, said Freeport-McMoRan will also make corporate governance reforms as part of the settlement.
The filing says the shareholders may also sue Credit Suisse, which advised Freeport-McMoRan on the deal.
Shares of Freeport-McMoRan gained one cent to $18.75 in afternoon trading.
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a gold and copper producing company based in United states of america. Freeport McMoran produces gold, copper, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 71.5 billions as of today (€ 66.8 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on April 25, 2024 at US$ 49.40. Freeport McMoran has 1 448 000 000 shares outstanding. |