Ferromagnetism and accompanying large negative magnetoresistance in Pb-substituted Bi-Sr-Co-O misfit-layer compound are investigated in detail. Recent structural analysis of (Bi,Pb)₂Sr₃Co₂O₉, which has been believed to be a Co analogue of Bi₂Sr₂CaCu₂O8+δ, revealed that it has a more complex structure including a CoO₂ hexagonal layer [T. Yamamoto { et al.}, Jpn. J. Appl. Phys. { 39} (2000) L747]. Pb substitution for Bi not only introduces holes into the conducting CoO₂ layers but also creates a certain amount of localized spins. Ferromagnetic transition appears at T = 3.2 K with small spontaneous magnetization along the c axis, and around the transition temperature large and anisotropic negative magnetoresistance was observed. This compound is the first example which shows ferromagnetic long-range order in a two-dimensional metallic hexagnonal CoO₂ layer.
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