By Liz Hoffman
Freeport-McMoRan Inc. is nearing a settlement of more than $100
million to resolve allegations its board and executives had
conflicts of interest while negotiating the natural-resource
company's $9 billion purchase of two affiliates last year,
according to people familiar with the matter.
The agreement would resolve a lawsuit filed by some of
Freeport's shareholders alleging that the company overpaid when it
bought McMoRan Exploration Co. and Plains Exploration &
Production Co. The shareholders allege that the deals were an
effort to rescue a struggling McMoRan, in which Freeport, its board
members and key executives owned shares.
Neither Freeport, nor its directors or executives, is expected
to admit wrongdoing as part of a settlement, which would come in
lieu of a trial.
Write to Liz Hoffman at liz.hoffman@wsj.com
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