By Michael De La Merced
The New York Times
Freeport-McMoRan Copper and Gold is expanding further into the energy business, announcing on Wednesday the takeovers of two oil and gas companies worth about $9 billion.
Executives of Freeport, a mining giant, said that the acquisition of Plains Exploration and Production and the McMoRan Exploration Company will create a natural resources conglomerate that more closely resembles diversified players like BHP Billiton. But investors largely criticized the move as unnecessary and costly.
Shares of Freeport dropped 16 percent on Wednesday.
Freeport-McMoRan Copper & Gold Inc. has more than 5,000 employees in Southern Arizona, making it the region’s 11th-largest employer, according to the Star 200 survey.
In Pima County, Freeport has about 1,400 employees in Green Valley, Sahuarita and Oro Valley. Its mines include the Sierrita Mine near Green Valley, and mines at Morenci, Miami and Safford.
