Phelps Dodge Share Increase After Takeover News
Phelps Dogde (NYSE:PD) is currently the world’s second largest copper mining company in the world. The company taking buying out Phelps is Freeport-McMoRan Copper and Gold (NYSE:FCX), a company which also mines copper as well as gold and silver. The total price of the buyout is $25.9 billion, which will be paid in both stock and cash. Shares of Phelps increased over 29% in response to the news from the previous close around $95 to todays price which has been trading just above $121. Copper prices were slightly down today from about $.328 an ounce to todays price around $.324 an ounce.