Plains Shareholders Approve Acquisition by Freeport McMoRan

Plains Exploration & Production will become part of Freeport-McMoRanCopper & Gold over the course of the next 11 days. Plains shareholders today approved their company's acquisition by Freeport in a deal expected to close on May 31.

The price of the transaction is $6.9 billion in cash and stock. Freeport has also pledged to pay Plains shareholders a special dividend of $3.00 per share in cash after the deal is completed.

Freeport's current stockholders will also be rewarded -- the company announced that it will hand out a $1.00-per-share supplemental dividend following the closing of the transaction. This is in addition to the firm's freshly declared regular quarterly dividend of $0.3125 per share.

The article Plains Shareholders Approve Acquisition by Freeport McMoRan originally appeared on Fool.com.

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