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Bernstein Liebhard LLP Announces Investigation Of Freeport-McMoRan's Acquisition Of Plains Exploration & Production Company And

     Bernstein Liebhard LLP Announces Investigation Of Freeport-McMoRan's
Acquisition Of Plains Exploration & Production Company And McMoRan Exploration

PR Newswire

NEW YORK, Dec. 6, 2012

NEW YORK, Dec. 6, 2012 /PRNewswire/ -- Bernstein Liebhard LLP is investigating
whether the Board of Directors of Freeport-McMoRan Copper & Gold Inc.
("Freeport") (NYSE: FCX) breached its fiduciary duty to its shareholders in
agreeing to buy Plains Exploration & Production Company ("Plains") (NYSE: PXP)
and McMoRan Exploration Co. ("MMR") (collectively, the "Acquisitions").

(Logo: )

Under the terms of the agreements:  (i) Plains shareholders will receive
0.6531 shares of Freeport common stock and $25.00 in cash, equivalent to total
consideration of $50.00 per Plains share, based on the closing price of
Freeport stock on December 4, 2012; and (ii) MMR shareholders will receive
$14.75 in cash and 1.15 units of a royalty trust, which will hold a 5 percent
overriding royalty interest in future production from MMR's existing
ultra-deep exploration properties for each share they own. 

The investigation is focused on whether (i) the Freeport board is overpaying
in connection with the Acquisitions; (ii) the process by which the Freeport
board considered and approved the transactions; and (iii) possible conflicts
of interest concerning (a) Freeport's Chairman of the Board James Moffett, who
is also co-Chairman of MMR; and (b) Plains' Chairman of the Board, James
Flores, who also sits on MMR's Board.

If you are interested in discussing your rights as a Freeport stockholder,
with no obligation or cost to you, please contact Joseph R. Seidman, Jr. at:

(877) 779-1414

Bernstein Liebhard LLP has pursued hundreds of securities, consumer and
shareholder rights cases and recovered over $3 billion for its clients.  It
has been named to The National Law Journal's "Plaintiffs' Hot List" in each of
the last ten years.

Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414

ATTORNEY ADVERTISING. © 2012 Bernstein Liebhard LLP.  The law firm responsible
for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New
York, New York 10016, (212) 779-1414.  The lawyer responsible for this
advertisement in the State of Connecticut is Michael S. Bigin.  Prior results
do not guarantee or predict a similar outcome with respect to any future

SOURCE Bernstein Liebhard LLP

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