Freeport-McMoRan (FCX) Could Target McMoRan Exploration (MMR), Other Oil & Gas Producer in a Takeover
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Shares of McMoRan Exploration Co. (NYSE: MMR) are indicated to open sharply higher Wednesday following reports from the Financial Times that Freeport-McMoRan Copper & Gold (NYSE: FCX) is looking to buy the company and another large oil and gas company in an effort to move back into energy producing.
In addition to McMoRan Exploration, Freeport-McMoRan is looking to buy a second company that has Gulf of Mexico assets. Plains Exploration & Production (NYSE: PXP) was not named as the second company, but the FT notes it has ties to Freeport-McMoRan. It also owns a 31.5 percent stake in McMoRan Exploration and its CEO sits on the board of McMoRan Exploration.
Shares of McMoRan Exploration last traded at $10.72 in pre-open trade, up 26 percent.
In addition to McMoRan Exploration, Freeport-McMoRan is looking to buy a second company that has Gulf of Mexico assets. Plains Exploration & Production (NYSE: PXP) was not named as the second company, but the FT notes it has ties to Freeport-McMoRan. It also owns a 31.5 percent stake in McMoRan Exploration and its CEO sits on the board of McMoRan Exploration.
Shares of McMoRan Exploration last traded at $10.72 in pre-open trade, up 26 percent.
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