Freeport-McMoRan Copper & Gold (FCX: Quote) announced Wednesday morning that it agreed to acquire Plains Exploration & Production (PXP: Quote) 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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by RTT Staff Writer
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