Davis Polk is advising Freeport-McMoRan Inc. (“FCX”) on its agreement to sell its cobalt refinery in Kokkola, Finland and related cobalt cathode precursor business to Umicore for total consideration of approximately $150 million, plus working capital at the time of close. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end 2019.
FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world's largest publicly traded copper producers. Umicore operates as a materials technology and recycling company worldwide. Its Catalysis segment produces automotive catalysts for gasoline and diesel light and heavy duty diesel applications, stationary catalysis for industrial emissions control and precious metals-based compounds and catalysts for pharmaceutical and fine chemicals industries.
The Davis Polk corporate team includes partner Marc O. Williams and associates Darren M. Schweiger and Abigail G. Hathaway. Partner Pritesh P. Shah and associate Tilak Koilvaram are providing intellectual property and technology advice. The tax team includes partner William A. Curran, counsel Patrick E. Sigmon and associate Lex L. Varga. The real estate team includes counsel Susan D. Kennedy. Partner Edmond T. FitzGerald is providing executive compensation advice. All members of the Davis Polk team are based in the New York office.