Plains Exploration & Production (UNKNOWN:PXP.DL) will become part of Freeport-McMoRan Copper & Gold (NYSE:FCX) over the course of the next 11 days. Plains shareholders today approved their company's acquisition by Freeport in a deal expected to close on May 31.

The price of the transaction is $6.9 billion in cash and stock. Freeport has also pledged to pay Plains shareholders a special dividend of $3.00 per share in cash after the deal is completed.

Freeport's current stockholders will also be rewarded -- the company announced that it will hand out a $1.00-per-share supplemental dividend following the closing of the transaction. This is in addition to the firm's freshly declared regular quarterly dividend of $0.3125 per share.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.