Freeport-McMoRan Copper & Gold (FCX) announced Wednesday morning that it agreed to acquire Plains Exploration & Production (PXP) for approximately $6.9 billion in cash and stock. FCX also agreed to acquire McMoRan Exploration Co. (MMR) for approximately $3.4 billion in cash.
Plains Exploration & Production gapped open dramatically higher Wednesday, but was range-bound throughout the session. Shares finished up by 8.45 at $44.50 on the highest volume of the year. The stock surged to over an 8-month high.
Freeport-McMoRan Copper & Gold gapped down sharply Wednesday, but traded in a range for the majority of the session. The stock closed down by 6.12 at $32.16 on the highest volume of the year and sank to a 4-month low.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.