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CYPRUS AMAX MINERALS MERGER COMPLETED

 DENVER, Nov. 15 /PRNewswire/ -- Cyprus Amax Minerals Co. (NYSE: CYM) today announced that the merger of Amax Inc. into Cyprus Minerals Co. was completed in New York this morning. The merged company is now named Cyprus Amax Minerals Co., headquartered in the Denver suburb of Englewood, Colo.
 Immediately prior to the merger, Amax distributed to its common shareholders as of the close of business on Friday, Nov. 12, .5 of a share of common stock of Alumax Inc. per share of Amax common stock and 21,777,797 shares of Amax Gold common stock, representing .2455 of a share of Amax Gold common stock per share of Amax common stock.
 In the merger, each share of common stock of Amax was converted into .5 of a share of common stock of Cyprus Amax Minerals Co. and each share of $4 Series A Convertible Preferred Stock of Amax was converted into 2/3 of a share of $4 Series A Convertible Preferred Stock of Cyprus Amax (having an initial conversion price of $24.302 per share of Cyprus Amax common stock) and into 1/3 of a share of $4 Series A Convertible Preferred Stock of Alumax (having an initial conversion price of $12.151 per share of Alumax common stock.)
 The newly created Cyprus Amax Minerals Co. has assets in excess of $5 billion and pro forma 1992 revenues of $2.8 billion. It is the second largest U.S. copper producer and one of the nation's largest coal producers. Cyprus Amax also holds significant positions in oil and natural gas, gold, lithium, molybdenum and iron ore.
 -0- 11/15/93
 /CONTACT: Michael Rounds of Cyprus Amax Minerals, 303-643-5186/
 (CYM)


CO: Cyprus Amax Minerals Co. ST: Colorado IN: MNG SU: TNM

MC -- DV005 -- 4430 11/15/93 12:37 EST
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Publication:PR Newswire
Date:Nov 15, 1993
Words:300
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