Summary
Freeport-McMoRan Copper & Gold Inc. (FCX) announced on September 12, 2007, that it has entered into an agreement to divest its international wire and cable business, operating under Phelps Dodge International Corporation. This business segment will be sold to General Cable Corporation for a total consideration of $735 million. This strategic decision represents a significant move by FCX to streamline its operations and focus on its core mining assets. Investors should note that the sale includes minority interests in the wire and cable business that FCX had recently acquired, indicating a clean exit from this non-core segment.
Key Highlights
- 1FCX is selling its international wire and cable business (Phelps Dodge International Corporation).
- 2The buyer is General Cable Corporation.
- 3The total transaction value is $735 million.
- 4The sale includes minority interests recently acquired by FCX in this business.
- 5This divestiture suggests a strategic focus on core mining operations for FCX.
- 6The event date reported is September 11, 2007, with the filing date on September 12, 2007.