Phelps Dodge (PD) – Anticipated Merger. The effective date expected to be March 19, 2007. On March 14, 2007, shareholders voted concerning the proposed merger with Freeport-McMoran Copper & Gold Inc. (FCX). Commensurate with the completion of the merger, each existing PD common share will be converted into the right to receive .67 FCX Common Shares plus $88.00 Cash. Cash will be paid in lieu of fractional FCX shares. This corporate action will be coordinated with the Options Clearing Corporation. 

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