HALISTER: Freeport to Sell 13% Stake in Morenci JV to Sumitomo for $1b

Freeport to Sell 13% Stake in Morenci JV to Sumitomo for $1b

(Bloomberg) -- Freeport-McMoRan in pact to sell stake to Sumitomo Metal Mining for $1b in cash, deal “important initial step” to accelerate debt reduction, restore balance sheet.
  • JV currently owned 85% by FCX, 15% by Sumitomo Metal Mining Arizona
    • After deal completion, JV will be 72% owned by FCX, 15% by SMMA, 13% by unit fully owned by SMM
  • Deal expected to close in mid-2016
  • Proceeds will be used to repay borrowings under bank term loan, revolving credit facility
Link to statement: NSN O2KRC03S3GUC
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
FCX US (Freeport-McMoRan Inc)
5713 JP (Sumitomo Metal Mining Co Ltd)

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