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Article: Freeport-McMoRan Copper & Gold Inc. Announces Agreement to Acquire 23.9 million FCX Common Shares owned by Rio Tinto.
- Article from:
- Business Wire
- Article date:
- March 22, 2004
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Business Editors
NEW ORLEANS--(BUSINESS WIRE)--March 22, 2004
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) announced today that it has agreed to acquire for cash all 23,931,100 FCX class B common shares owned by a subsidiary of Rio Tinto plc, at a market based price. Rio Tinto acquired these shares in mid-1995 for $20.90 per share in connection with FCX's spin-off from its former parent and Rio Tinto's participation in a major expansion project at FCX's principal operating subsidiary, PT Freeport Indonesia (PT-FI). The repurchase transaction, estimated to approximate $1.0 billion, is conditioned on FCX's sale of convertible preferred equity ...