Freeport-McMoRan (FCX) Hammered on Takeover Deals
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Investors aren't loving Freeport-McMoRan's (NYSE: FCX) two takeover's today thinking they overpaid. Shares last traded at $32.19, down 15.9%.
FCX will acquire PXP for approximately $6.9 billion in cash and stock and FCX will acquire MMR for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests currently owned by FCX and PXP.
Management will host a webcast for investors at 11:00 a.m. Eastern Time to discuss. Traders will be watching if they can defend their action.
FCX will acquire PXP for approximately $6.9 billion in cash and stock and FCX will acquire MMR for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests currently owned by FCX and PXP.
Management will host a webcast for investors at 11:00 a.m. Eastern Time to discuss. Traders will be watching if they can defend their action.
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