© 2012 The Texas Lawbook.
By Mark Curriden
Senior Writer for The Texas Lawbook
Freeport-McMoRan, a gold and copper mining company, announced Wednesday that it is buying Houston-based Plains Exploration and Production for $6.9 billion and McMoRan Exploration Company for $2.1 billion.
Freeport-McMoran spun off its oil and gas arm in 1994. This deal brings the two back together to create a company valued at $60 billion.
Latham & Watkins corporate M&A partners Sean Wheeler and Michael Dillard of Houston are leading the legal team representing Plains. John Wombwell, Plains’ general counsel and assistant GC Kim Warnica also have lead roles in the transaction.
Wachtell Lipton in New York is advising Freeport.
Latham has a history representing Plains. It advised the company in its recent $600 million acquisition of Gulf of Mexico assets from BP and Shell Oil. The firm also advised Plains earlier this year when the company sold 20 percent of its interests in offshore assets to EIG. In addition, PXP has turned to Latham the advise on all of its bond offerings.
Wheeler says that the announcement is a “strategic transaction combining one of the largest mining companies with two oil and gas companies, creating a premier U.S.-based natural resources company.
“E&P space will likely continue to see robust M&A activity,” he says.
Other Latham lawyers assisting in the deal are Houston associates Debbie Yee, Chris Little, Enoch Varner, Matt Waldron, Trent Roberts, Sam Rettew and Adrian Milton.
Details of the deal announcement can be found at: http://www.fcx.com/news/2012/120512.pdf.
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