NEW ORLEANS and PHOENIX - On March 19, 2007, the takeover of PHELPS DODGE CORP. by FREEPORT-MCMORAN COPPER & GOLD INC. was completed. The combined company is now the worlds largest publicly traded copper company, expected to generate revenues of close to US$17 billion this year.
Phelps Dodge shareholders received US$88.00 in cash and 0.67 of a Freeport common share, making each Phelps Dodge share worth US$125.53. The total deal was worth approximately US$25 billion.
Last year Freeport produced 3.6 billion lb of copper, 74.0 million lb of molybdenum and 1.7 million oz of gold. Phelps Dodge turned out about 2.0 billion lb of copper, 68.8 million lb of moly and 109,000 oz of gold.
Information about Freeport is available at www.fcx.com and the Phelps Dodge site is www.PhelpsDodge.com.