Freeport-McMoRan Copper & Gold Inc. (FCX) announced it has completed the acquisition of Plains Exploration & Production Company (PXP). Effective as of the close of trading on May 30, 2013, PXP's common stock will no longer trade. After giving effect to the transaction, Freeport-McMoRan Copper & Gold has approximately 1,038 million shares outstanding. The company's acquisition of McMoRan Exploration Co. (MMR) is expected to close on June 3, 2013.
Freeport-McMoRan also announced the appointment of three former directors of Plains Exploration & Production Company to its Board of Directors: James Flores, Alan Buckwalter, III and Thomas Fry, III. The company's Board is now comprised of 15 members, including 11 independent directors.
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