Freeport-McMoRan Copper & Gold Inc. combines stock into single class

Freeport-McMoRan Copper & Gold Inc., parent company of Indonesian giant copper and gold miner PT Freeport Indonesia, announced on Thursday that at its annual shareholder meeting its shareholders approved the combination of its Class A and Class B common stock into a single class of common stock on a one-for-one basis.

As a result of the combination, each outstanding share of Class A common stock will be converted into one share of Class B common stock. The common stock will begin trading on the New York Stock Exchange on Monday, May 6, 2002, on a combined basis under the symbol "FCX."

Richard C. Adkerson, President and Chief Financial Officer of FCX said, "While the two classes of common stock for FCX served a useful purpose, this combination will simplify our capital structure and avoid potential confusion about owning common shares in FCX for our existing and prospective shareholders. The combination will enhance the trading liquidity of our common stock and generate administrative cost savings."

After the transaction is complete, shareholders will have the same economic ownership of Freeport-McMoRan Copper & Gold Inc. stock they had prior to the combination. All shares of Class A common stock will automatically be converted into shares of Class B common stock without any action on the part of the shareholder. The holders of the single class of common stock and the preferred stockholders, voting together, will now elect all of the company's directors. Shareholders do not need to send in their stock certificates or take any other action pursuant to the combination.(alex)