Freeport-McMoRan Inc. is nearing a settlement of more than $100 million to resolve allegations its board and executives had conflicts of interest while negotiating the natural-resource company’s $9 billion purchase of two affiliates last year, the Wall Street Journal reported.
The agreement would resolve a lawsuit filed by some of Freeport’s shareholders alleging that the company overpaid when it bought McMoRan Exploration Co. and Plains Exploration & Production Co., according to people familiar with the matter.
The shareholders allege that the deals were an effort to rescue a struggling McMoRan, in which Freeport, its board members and key executives owned shares.
Neither Freeport nor its directors or executives are expected to admit wrongdoing as part of a settlement, which would come in lieu of a trial.
Chinese copper wire had the largest decline on Friday, November 28, dropping 1.4% and landing at CNY 47,120 ($7,674) per metric ton. The price of Chinese copper bar fell 0.9% to CNY 48,070 ($7,829) per metric ton. The cash price of Chinese copper saw a 0.9% decline to CNY 48,270 ($7,862) per metric ton. At CNY 42,200 ($6,873) per metric ton, Chinese bright copper scrap fell 0.5% last Friday.
The cash price of primary Japanese copper weakened by 0.5%, settling at JPY 807,000 ($6,848) per metric ton. After dropping for two days, the price of US copper producer grade 122 flattened at $3.66. The price of US copper producer grade 102 steadied at $3.85 per pound following two-days of dropping prices. The price of US copper producer grade 110 flattened at $3.66 following two-days of declines.
On the LME, the 3-month price of copper declined 0.4% to $6,560 per metric ton. The cash price of primary copper saw a 0.4% decline on the LME to $6,621 per metric ton.