FREEPORT-MCMORAN INC | 2013 | FY | 3


Following is a summary of the $3.1 billion purchase price for MMR:
Number of shares of MMR common stock acquired (millions)
112.362

a 
Cash consideration of $14.75 per share
$
14.75

 
Cash consideration paid by FCX
$
1,657

 
Employee stock-based awards
63

 
Total
1,720

 
 
 
 
Fair value of FCX's investment in 51 million shares of MMR common stock acquired on
 
 
May 31, 2013, through the acquisition of PXP
854

 
Fair value of FCX's investment in MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2
554

 
Total purchase price
$
3,128

 
a.
Excluded 51 million shares of MMR common stock owned by FCX through its acquisition of PXP on May 31, 2013.

Following is a summary of the $6.6 billion purchase price for PXP:
Number of shares of PXP common stock acquired (millions)
132.280

 
Exchange ratio of FCX common stock for each PXP share
0.6531

 
 
86.392

 
Shares of FCX common stock issued for certain PXP equity awards (millions)
4.769

 
Total shares of FCX common stock issued (millions)
91.161

 
 
 
 
Closing share price of FCX common stock at May 31, 2013
$
31.05

 
FCX stock consideration
$
2,831

 
Cash consideration
3,725

a 
Employee stock-based awards, primarily cash-settled stock-based awards
83

 
Total purchase price
$
6,639

 
a.
Cash consideration included the payment of $25.00 in cash for each PXP share ($3.3 billion), cash paid in lieu of any fractional shares of FCX common stock, cash paid for certain equity awards ($7 million), and the value of the $3 per share PXP special cash dividend ($411 million) paid on May 31, 2013.

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