Plus   Neg

Freeport-McMoRan Reports Agreements For Inalum's Acquisition Of Shares In PT-FI

Freeport-McMoRan Inc. (FCX) announced it has entered into a divestment agreement on previously agreed economic terms with the Indonesian state-owned enterprise PT Indonesia Asahan Aluminium (Persero) (Inalum) in connection with Inalum's acquisition of shares of PT Freeport Indonesia. Inalum will acquire for cash consideration of $3.85 billion all of Rio Tinto's interests associated with its Joint Venture with PT Freeport Indonesia (Joint Venture), and 100 percent of FCX's interests in PT Indocopper Investama, which owns 9.36 percent of PT Freeport Indonesia.

At closing, Rio Tinto will receive $3.5 billion, and Freeport-McMoRan will receive $350 million, in cash proceeds. Under the terms of the divestment agreement, the Rio Tinto interests will be merged into PT Freeport Indonesia concurrent with Inalum's acquisition in exchange for a 40 percent share ownership in PT Freeport Indonesia.

Following completion of the transactions, PT Freeport Indonesia will have an expanded asset base to include the Rio Tinto interests and Inalum's share ownership will be 51.2 percent of PT Freeport Indonesia, and Freeport-McMoRan's ownership will be 48.8 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Boeing's (BA) board removed its Chief Executive Officer Dennis Muilenburg as chairman, saying the change would enable Muilenburg to focus on returning the company's best-selling 737 MAX aircraft to service. The company's board elected independent lead director David Calhoun to serve as non-executive chairman. United Airlines has announced that tickets for the Bombardier CRJ-550 will be available for purchase starting Saturday, October 12 for travel beginning Sunday, October 27. United Airlines also revealed the first 15 routes for the new Bombardier CRJ-550 aircraft. Initially, the CRJ-550 will fly out... Coffee retail giant Starbucks (SBUX) announced its plan to expand its profit-sharing Community Store program in Korea. The company plans to open the first of several locations in early 2020. The country is one of three Starbucks markets with Community Stores, according to a press release. Starbucks...
Follow RTT