General Cable to buy Freeport-McMoRan’s wire unit for $735 million

PHOENIX — Freeport-McMoRan Copper & Gold Inc., one of the world’s top copper miners, will sell its wire and cable business to help pay for its $25.9 billion acquisition earlier this year of Phelps Dodge Corp., the company announced.

General Cable Corp. will buy the wire and cable business, Phelps Dodge International Corp., for $735 million. Freeport said it plans to use net proceeds of about $620 million to repay debt.

As of the second quarter, Freeport had paid off all but $2.45 billion of its original $10 billion term loan debt from the Phelps Dodge acquisition, spokesman William Collier said.

Freeport-McMoRan shares fell 52 cents to $91.45 Wednesday after the annoucement.