Freeport’s Takeover of Plains Opposed by Arrowgrass Capital
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Freeport-McMoRan Copper & Gold Inc.’s takeover of Plains Exploration & Production Co. faces more opposition after shareholder Arrowgrass Capital Partners LP said it will reject the deal.
The price Freeport agreed to pay for the oil and natural gas producer is too low, the London-based hedge fund started by former Deutsche Bank AG traders said in a letter obtained by Bloomberg News. Investors are scheduled to vote on Phoenix-based Freeport’s $9 billion takeover of Plains and McMoRan Exploration Co. on May 20.