Phelps Dodge News

U.S. antitrust regulators have given the proposed merger between Phelps Dodge Corp. & Freeport McMoRan Copper & Gold Inc. the green light. Federal Trade Commission Officials have completed their inquiry into the proposed $25.9 billion cash & stock deal that would have Freeport McMoRan purchasing the Phoenix-based Phelps Dodge as the end result.

The proposed deal, would pay the stockholders Phelps Dodge $88 in cash, plus .67 share of Freeport-McMoRan common stock, for each share of Phelps Dodge stock. However, SAC Capital Partners, a hedge fund with a $464 million stake (5.1%), had said it would vote against the deal, stating the deal undervalued Phelps Dodge.