Glass Lewis comes out against Freeport deal

Wed May 8, 2013 6:13pm EDT

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May 8 (Reuters) - Proxy advisory firm Glass Lewis & Co is recommending that its clients vote against Freeport-McMoRan Copper & Gold Inc's acquisition of Plains Exploration & Production Co.

In a report released on Wednesday, the firm argued that the deal offers "little to no current premium" for Plains shareholders. A decline in Freeport's share price has cut down the value of the deal, announced in December.

Rival proxy adviser ISS has also recommended that shareholders vote no, and CR Intrinsic, a unit of hedge fund SAC Capital Advisors, has said it plans to vote against the deal.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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