Brussels, 21/02/2007 (Agence Europe) - On Tuesday 20 February, The European Commission cleared the proposed acquisition by Freeport-McMoRan Copper & Gold Inc. (“FCX”) of Phelps Dodge Corporation, both based in the United States.
FCX is an international copper mining company based in New Orleans, Louisiana. It operates copper mines and produces copper concentrate which is marketed worldwide. FCX is also active in copper smelting and refining. Phelps Dodge Corporation is an international mining and metals company headquartered in Phoenix, Arizona. It operates copper mines and is principally active in the production of copper, molybdenum, by-products of the copper refining process and electrical wires and cables.
The parties' activities overlap on copper concentrate, copper cathode and several by-products of the copper production process. However, in light of the parties' limited positions on any of the above mentioned markets, the Commission does not believe that the proposed transaction would create competitive concerns at either horizontal or vertical level. (cd)