Plains Exploration & Production (PXP) announced Monday morning that its Board of Directors received the approval of Freeport-McMoRan Copper & Gold (FCX) to declare a special one-time cash dividend of $3.00 per share. The dividend will be conditioned upon and paid immediately prior to the completion of PXP's merger with Freeport-McMoRan.
Plains Exploration & Production gapped open sharply higher this morning and is now up 3.42 at $48.97. The stock has broken out past resistance and has set a new high for the year.
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