Wednesday, December 05, 2012 7:43:51 AM
Freeport-McMoRan (FCX) Could Target McMoRan Exploration (MMR), Other Oil & Gas Producer in a Takeover
Shares of McMoRan Exploration Co. (NYSE: MMR) are indicated to open sharply higher Wednesday following reports from the Financial Times that Freeport-McMoRan Copper & Gold (NYSE: FCX) is looking to buy the company and another large oil and gas company in an effort to move back into energy producing.
In addition to McMoRan Exploration, Freeport-McMoRan is looking to buy a second company that has Gulf of Mexico assets. Plains Exploration & Production (NYSE: PXP) was not named as the second company, but the FT notes it has ties to Freeport-McMoRan. It also owns a 31.5 percent stake in McMoRan Exploration and its CEO sits on the board of McMoRan Exploration.
Shares of McMoRan Exploration last traded at $10.72 in pre-open trade, up 26 percent.
dr_sean
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM