General Cable to acquire the wire and cable business of Freeport-McMoRan Copper & Gold

Highland Heights, KY, Sept. 12, 2007 — General Cable Corp. announced that it has agreed to acquire the global wire and cable business of Freeport-McMoRan Copper & Gold Inc. (Freeport), which operates as Phelps Dodge International Corp. (PDIC). PDIC was acquired by Freeport as part of the acquisition of Phelps Dodge Corp. in March 2007. The purchase price is approximately $735 million, subject to adjustment as provided in the stock purchase agreement. In addition to utilizing its available cash, General Cable has secured commitments from Merrill Lynch Capital Corp. to provide an increased secured revolving line of credit and an additional secured interim loan necessary to fund the purchase price.

On an annual basis, General Cable estimates that the acquisition will contribute approximately $1.4 billion in revenues at current metal prices and is expected to be accretive to earnings in the first full year by $0.20 to $0.30 cents per share based upon 2006 results. The combined companies expect to derive additional benefits over time through cross-selling opportunities, logistics and purchasing synergies.

Under the terms of the transaction, which was unanimously approved by General Cable’s board of directors, General Cable will acquire 100% of the shares held by Freeport and its subsidiaries in the various entities comprising Freeport’s wire and cable business. The purchase price is subject to adjustment to take into account the net effect of any dividends and other distributions made from, and capital contributions made to, the entities being acquired from March 31, 2007. In addition, as part of the transaction, General Cable will be assigned the rights in the “Phelps Dodge International Corporation” and “PDIC” brands. Subject to the satisfaction of customary closing conditions and the receipt of clearances or waivers from competition and regulatory authorities in relevant jurisdictions, the transaction is expected to close during the fourth quarter of 2007.

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