| 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 $18.75 in afternoon trading.
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Freeport McMoRan Copper and Gold Inc.
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PRODUCTEUR |
CODE : FCX |
ISIN : US35671D8570 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Freeport McMoran est une société de production minière d'or et de cuivre basée aux Etats-Unis D'Amerique. Freeport McMoran est productrice d'or, de cuivre, d'argent, de cobalt et de molybdène au Chili, au Perou, en Indonesie et en Republique Democratique Du Congo, en développement de projets de cuivre au Perou, et détient divers projets d'exploration au Chili. Ses principaux projets en production sont CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI et MORENCI - ROM LEACH au Chili, GRASBERG, SIERRITA et BAGDAD en Indonesie, TENKE FUNGURUME et TYRONE en Republique Democratique Du Congo et CERRO VERDE au Perou, son principal projet en développement est SAFFORD au Perou et ses principaux projets en exploration sont BAGDAD - ROM LEACH et CHINO - ROM LEACH au Perou et CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH et CLIMAX au Chili. Freeport McMoran est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 71,5 milliards US$ (66,8 milliards €). La valeur de son action a atteint son plus bas niveau récent le 06 mars 2020 à 10,00 US$, et son plus haut niveau récent le 25 avril 2024 à 49,40 US$. Freeport McMoran possède 1 448 000 000 actions en circulation. |