Phoenix-based copper mining giant Phelps Dodge has been acquired by New Orleans-based Freeport McMoran. KJZZ's Tony Ganzer reports.
Nats: "Let me start by saying I am proud of all we have achieved at Phelps Dodge..."
TG: In a conference call this morning Phelps Dodge CEO Steven Whistler affirmed his support for the deal. The deal is valued at more than 26-billion-dollars in cash and stock. Each 95-dollar share of Phelps Dodge would be valued at 126-dollars.
TG: The combined company will retail the Freeport name, though Phelps' operations will still be known as "Phelps Dodge." Phelps Dodge spokesman Peter Faur says he doesn't see any negatives for Arizona with the deal.
Phelps Dodge (phelpsdodge.com)
Faur: "Phoenix doesn't lose anything with this, and in fact gains--the corporate headquarters of the new entity will be here, and we'll be keeping great jobs both in Phoenix and in Arizona.
TG: Freeport McMoran has faced international criticism in recent decades for its mining operations in Indonesia. Watchdog groups accuse the company of polluting waterways and supporting dictatorships abroad. Faur says he's not concerned Freeport's past will hurt the combined company.
Faur: "Every company faces issues as it does business. We know Freeport is committed to acting and operating in an ethical and sound manner. *pause* We're not concerned about this."
TG: Operations in Arizona are expected to continue as normal. Current projects in the works include the construction of a large mine in Safford, Arizona slated for completion in 2008.
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Arizona is more than Saguaro and red rocks. 
Arizona's trying to crack down on illegal workers, but