Freeport-McMoRan Copper & Gold Inc. won approval from shareholders of Plains Exploration & Production Co. for a $6.63 billion takeover after sweetening the bid for the largest U.S. oil and natural gas purchase announced in the past year.
Freeport-McMoRan Copper & Gold Inc. sweetened its bid for Plains Exploration & Production Co. to win shareholder support for the takeover, offering special cash dividends to raise the value of the deal to $6.6 billion.
Hess Corp. ended a four-month proxy battle with billionaire Paul Singer’s Elliott Management Corp., adding three of the activist investor’s five board nominees and heading off a shareholder vote on competing candidates.
Public Service Enterprise Group Inc. will take over operations of the Long Island Power Authority, leaving the state-owned utility without any day-to-day responsibilities after thousands of its customers were left without power for weeks by Hurricane Sandy.
Hess Corp. will add two directors from dissident shareholder Elliott Management Corp.’s board nominees if the company’s five candidates are elected on May 16, calling it a “resolution to end” a divisive proxy contest.
Hess Corp., the oil company that’s in a proxy battle with billionaire Paul Singer’s Elliott Management Corp., said it will strip Chief Executive Officer John B. Hess of the chairmanship after its annual meeting next week.
Apache Corp., this year’s third-worst performing oil and natural gas producer on Standard & Poor’s energy index, plans to sell $4 billion in assets by yearend and buy back shares as first-quarter profit missed analysts’ estimates.
Cobalt International Energy Inc., the explorer seeking oil in the U.S. Gulf of Mexico and West Africa, fell the most in more than four months after Goldman Sachs Group Inc. and other backers sold 50 million shares at a discount to yesterday’s closing price.