SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 2, 1996
Freeport McMoRan Inc.
Delaware 1-8124 13-3051048
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
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The following news release was issued by Freeport-McMoRan Inc. on
September 2, 1996:
FREEPORT-McMoRan INC. AND ARCADIAN CORPORATION
TERMINATE MERGER DISCUSSIONS
NEW ORLEANS, LA., September 2, 1996 -- Freeport-McMoRan Inc.
(NYSE:FTX) announced today that the previously announced non-
binding letter of intent with Arcadian Corporation (NYSE:ACA; ACA
PRA) for the combination of their businesses has been terminated.
The termination has no financial or operational effect on FTX or
its affiliate Freeport-McMoRan Resource Partners, Limited
Partnership (NYSE:FRP).
James R. Moffett, Chairman of the Board of FTX said, "We
believe FTX made a fully valued offer for Arcadian. FTX was
unable to justify improving its offer because of its long-term
view of the nitrogen fertilizer business and the fact that such
an improvement would have diluted the value of the combination to
FTX's existing shareholders. FTX believes that entering into a
"bidding contest" after proposing a full value offer would not be
in the best interest of FTX's shareholders. We have reviewed
many possible business combinations with nitrogen fertilizer
producers and, if FTX is unable to acquire assets that add value
for its shareholders, it prefers to remain the "purest play"
investment opportunity in the phosphate related fertilizer
business."
Rene L. Latiolais, President and Chief Executive Officer of
FTX said, "We will continue to repurchase our shares and utilize
our competitive advantages in the worldwide phosphate fertilizer
market and in natural gas exploration and production (which will
indirectly provide a hedge to our exposure to ammonia) to enhance
the value of our company. We will continue to consider
attractive business opportunities to pursue our growth objectives
and remain committed to strengthening the asset base of our
businesses for the benefit of our security holders."
Freeport-McMoRan Inc. owns a 51.6% interest in Freeport-
McMoRan Resource Partners, which is engaged in the production and
sale of phosphate fertilizer and animal feed ingredients as well
as the mining and sale of phosphate rock through IMC-Agrico
Company, the mining, transporting, terminalling and marketing of
sulphur and the exploration, development and production of oil
and gas reserves.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
Freeport-McMoRan Inc.
By: /s/ William J. Blackwell
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William J. Blackwell
Controller - Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: September 4, 1996
