Del. judge refuses to block Freeport-Plains deal

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Associated Press

Posted on May 9, 2013 at 12:02 PM

Updated Thursday, May 9 at 12:04 PM

DOVER, Del. (AP) — A Delaware judge is refusing to block the merger of mining company Freeport-McMoRan with oil and gas producer Plains Exploration & Production Co.

Some Plains shareholders have challenged the merger, saying Plains' board of directors failed to get the best sale price and did not provide adequate information to shareholders. Attorneys for the shareholders sought a preliminary injunction to block the merger.

The judge on Thursday denied the request, saying the plaintiffs have not shown that their claims have a reasonable probability of success.

Phoenix-based Freeport-McMoRan Copper & Gold Inc. said in December that it would pay $6.9 billion in cash and stock for Plains, and $2.1 billion for McMoRan Exploration Co., another oil and gas producer.

Plains shareholders are set to vote on the deal May 20.

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