Getting your Trinity Audio player ready...
IMC Global Inc.’s acquisition of Freeport-McMoRan Inc. through a complex merger five months ago has spurred a lawsuit and a surprise departure from the fertilizer giant’s board. In a suit filed in Delaware Chancery Court in Wilmington, the Northbrook company asserted that Freeport-McMoRan forced a publicly traded partnership it controlled to enter into an “intrinsically unfair” arrangement that benefits an affiliated company, McMoRan Oil & Gas Co. Named as a defendant was James R. Moffett, a co-chairman of the oil firm, who resigned from IMC’s board recently, and former Secretary of State Henry Kissinger, a Freeport director.
