Dec 5 Freeport-McMoRan Copper & Gold Inc
is looking to buy McMoRan Exploration Co and another
larger oil and gas company in a bid to move back to its roots as
an energy producer, the Financial Times said.
Besides the relatively smaller McMoRan Exploration deal,
Freeport is expected to buy an oil and gas company that has
assets in the Gulf of Mexico, the Financial Times reported,
citing people familiar with the matter. It did not provide the
total deal value.
The larger target had close ties with Freeport executives
and could be worth about $10 billion, including debt, the paper
The Financial Times did not name the larger target but cited
Plains Exploration and Production as having links with
Plains owns a 31.5 per cent stake in McMoRan Exploration
while Plains Chief Executive James Flores sits on the board of
Also, Plains Exploration had recently bought oil and gas
fields in the Gulf of Mexico from BP Plc.
Freeport spokesman Eric Kinneberg declined to comment on the
report when contacted by Reuters. Plains Exploration and
Production, and McMoRan Exploration could not be reached for
Freeport, the world's largest publicly traded copper
company, was once a diversified group with oil and gas
operations, before selling those assets to focus on mining.