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 contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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