"Last week was a magical week for us," Freeport McMoRan Copper & Gold CEO Richard Adkerson said on "Squawk Box."
The New Orleans mining giant closed on its acquisition of Phoenix-base Phelps Dodge for $26 billion, then boosted a planned stock offering to help cut some of the $17.5 billion debt it took on for the deal.
Freeport’s stock offering has now been upped to $5 billion, from the $3.5 billion originally planned. The company now also has access to the $3.5 billion in cash that was in Phelps Dodge's treasury.
Such large deals and high leverage may seem risky but Adkerson seems to be taking it all in his stride.