Freeport To Buy Phelps Dodge

Freeport-McMoRan Copper & Gold Inc. (FCX) bought copper miner Phelps Dodge Corp. (PD) in a $25.9 billion cash and stock deal. Shares of Freeport lost $1.77 to close at $55.63 while Phelps Dodge stock shot up $25.45 to close at $120.47.