Expansion and Acquisition
On Sunday, November 19, 2006, Freeport-McMoRan announced that it planned to acquire Phelps Dodge for $25.9 billion in cash and stock to create the world's largest publicly traded copper mining company. Stockholders for both companies voted on the proposal March 14, 2007. On Monday, March 19, 2007, Phelps Dodge Corporation was acquired by Freeport-McMoRan (NYSE: FCX), creating the world's largest publicly traded copper company, with 25,000 employees at acquisition.
At the time of its acquisition in 2007, Phelps Dodge Corporation had large copper mining operations in Bagdad, Arizona, Morenci, Arizona, Sahuarita, Arizona, Miami, Arizona, and Tyrone, New Mexico, and the El Chino Mine in New Mexico. Several of these locations provide ores rich in molybdenum as well. It had recently begun development of the Safford Mine near Safford, Arizona. In 2006, revenue was $11.910 billion USD, operating income was $4.226 billion, and net income was $3.017 billion.
Read more about this topic: Phelps Dodge
Famous quotes containing the words expansion and, expansion and/or acquisition:
“We are caught up Mr. Perry on a great wave whether we will or no, a great wave of expansion and progress. All these mechanical inventionstelephones, electricity, steel bridges, horseless vehiclesthey are all leading somewhere. Its up to us to be on the inside in the forefront of progress.”
—John Dos Passos (18961970)
“Every expansion of government in business means that government in order to protect itself from the political consequences of its errors and wrongs is driven irresistibly without peace to greater and greater control of the nations press and platform. Free speech does not live many hours after free industry and free commerce die.”
—Herbert Hoover (18741964)
“Always and everywhere children take an active role in the construction and acquisition of learning and understanding. To learn is a satisfying experience, but also, as the psychologist Nelson Goodman tells us, to understand is to experience desire, drama, and conquest.”
—Carolyn Edwards (20th century)