Freeport's (FCX) mega-deal for McMoRan (MMR) and Plains (PXP) looks "incestuous" to Jim Mueller:...

|By:, SA News Editor

Freeport's (FCX) mega-deal for McMoRan (MMR) and Plains (PXP) looks "incestuous" to Jim Mueller: Just for starters, PXP owns 31.5% of MMR and CEO James Flores sits on its board; MMR CEO Jim Bob Moffett is chairman of FCX; B.M. Rankin, a co-founder of FCX with Moffett, sits on MMR’s board. With such a web of relationships, how much independent due diligence was done in reaching the deal?