Freeport-McMoRan Copper & Goldhas engineered a dramatic re-entry to the oil business with two deals costing a total of about $20bn, buying Plains Exploration and Productionand McMoRan Exploration.
The deals will see the US mining group pay about $6.9bn in cash and stock for Plains and about $2.1bn in cash for McMoRan Exploration, net of the 36 per cent of Plains already owned by Freeport and McMoRan Exploration. Freeport will assume about $11bn in debt.
Taken together the moves will create the fifth-largest natural resources company in the US and the fifth-largest mining company in the world, the companies said.
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