Ladenburg Thalmann Downgrades McMoRan Exploration (MMR) to Neutral
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Freeport-McMoRan (FCX) to Acquire McMoRan (MMR), Plains Exploration (PXP) for ~$9B
December 5, 2012 8:41 AM ESTFreeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Plains Exploration & Production Company (NYSE: PXP) and McMoRan Exploration Co. (NYSE: MMR) announced today that they have signed definitive merger agreements under which FCX will acquire PXP for approximately $6.9 billion in cash and stock and FCX will acquire MMR for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests currently owned by FCX and PXP. Upon closing, MMR shareholders will also receive a distribution of units in a royalty trust which will hold a 5 percent... More
