Paulson & Co. Inc. Issues Statement Regarding the Freeport-Plains Amended Merger Agreement

NEW YORK, May 20, 2013 /PRNewswire/ -- Paulson & Co. Inc., whose funds own as of the record date 12,800,000 shares or approximately 9.9% of the outstanding shares of Plains Exploration & Production Co. (NYSE: PXP), today issued the following statement regarding the amended merger agreement between Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Plains:

"Paulson & Co. appreciates the flexibility of both Plains and Freeport in adding incremental cash to the transaction and will vote all the shares owned by funds under its management in favor of the merger.  We further support Freeport's strategy in acquiring both Plains and McMoRan Exploration as it adds another avenue for growth, diversifies its cash flows, and increases the proportion of earnings from the United States."

Paulson & Co. Inc., founded in 1994, is an investment management firm specializing in event-driven strategies.  Paulson & Co. Inc. has offices in New York, London and Hong Kong.

For more information, contact:
Dawn Dover/Andrea Calise
Kekst and Company
(212) 521-4800

SOURCE Paulson & Co. Inc.