Freeport-McMoRan agreed to buy Petro-Lewis.

Petro-Lewis Corp. and Freeport-McMoRan signed a letter of intent providing for the acquisition by FMI and other investors of Petro-Lewis and American Royalty Trust for about $440 million. The other investors include employees and management of Petro-Lewis. FMI and the other investors will set up an independent entity that will own and operate the assets acquired.