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FCX

Freeport-McMoRan Copper & Gold Inc.

5/19/2013, 10:40 PM ET

Quote & Headlines Market Currents StockTalk

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| M&A
| On the move

Friday, May 17, 11:23 AM While a razor-thin margin one way or the either is anticipated in next Monday's vote on Freeport McMoRan's (FCX) takeover bid for Plains Exploration (PXP), FCX shares could be poised to rise on either outcome. But all bets are off if FCX sees the bid on the verge of defeat and decides to sweeten the pot after saying it wouldn't do so. A higher offer could further pressure shares, already -16% since the deal was announced. Comment! [Commodities, Energy, M&A]
Wednesday, May 15, 12:23 PM The tunnel collapse that killed four miners should barely impact global copper supply (JJC) but may spark long-term issues for Freeport McMoRan (FCX +1%), Goldman Sachs says. The shut area represents ~1% of FCX's Indonesian production, but the tragedy could mean strained relationships with unions, tighter government regulation, and questions about a transition of the Grasberg mine from open pit to underground. Comment! [Commodities]
Wednesday, May 15, 7:54 AM Freeport McMoRan's (FCX) Indonesia unit suspends operations at its Grasberg mine, as the death toll from the collapse of a training tunnel rises to four with 25 miners still trapped deep underground. Rescue efforts are continuing at the world's second largest copper mine, which also contains the world's largest gold reserves. FCX -1.5% premarket. Comment! [Commodities, Global & FX]
Tuesday, May 14, 11:51 AM At least two miners are killed and more than 30 others are trapped underground after a training tunnel collapsed at Freeport McMoRan's (FCX -0.9%) massive Grasberg mining complex in Indonesia. Output at Grasberg, the world's second largest copper mine which also has the world's largest gold reserves, is not expected to be significantly affected, FCX says. 6 Comments [Commodities, Global & FX]
Monday, May 13, 9:09 AM Plains Exploration (PXP) CEO James Flores urges shareholders to back the proposed merger with Freeport McMoRan (FCX) ahead of the May 20 shareholder meeting, citing the strategic nature of the transaction, the financial and operational strength of the combined businesses, and the expected lower borrowing cost. Flores also criticizes analyses provided by ISS and Glass Lewis, which oppose the merger. 1 Comment [Energy, Commodities, M&A]
Friday, May 10, 12:23 PM The mini-recovery in gold and metals mining stocks is stopped as gold prices sink 3% today to ~$1,425/oz. after closing higher in each of the past two weeks. A breach of key chart levels is prompting heavy selling of gold futures, already under pressure from a stronger dollar and rising stock markets. Among big miners: ABX -3%, NEM -2.1%, GG -1.6%, KGC -3.8%, SLW -2.7%, FCX -1.8%. Comment! [Commodities, On the Move]
Thursday, May 9, 8:25 AM Freeport McMoRan (FCX) reiterates its support for its proposed acquisition of Plains Exploration (PXP) and that the agreed terms are the "best and final" offer. PXP says the financial and operational strength of the combined businesses will allow for accelerated value creation across the entire asset portfolio. FCX +1.3%, PXP -2.6% premarket. Comment! [Commodities, Energy, M&A, On the Move]
Wednesday, May 8, 3:18 PM Freeport McMoRan's (FCX +2.7%) planned acquisition of Plains Exploration (PXP) likely will close in June despite objections, Morgan Stanley predicts as it maintains an Outperform rating on the shares. Long-term FCX shareholders should be rewarded with strong growth through 2015 and lower political uncertainty, the firm says, adding that copper inventories are starting to decline. 1 Comment [Commodities, M&A, On the Move]
Tuesday, May 7, 2:29 PM Freeport McMoRan (FCX +0.2%) will not boost its offer for Plains Exploration (PXP +1.6%), according to sources cited by Dealreporter. Earlier today, ISS recommended shareholders vote against the deal as it believes the stock should trade higher based on intrinsic value alone. Comment! [Commodities, M&A, On the Move]
Tuesday, May 7, 12:13 PM Proxy advisory firm ISS becomes the third financial outfit to come out against the proposed $6B takeover of Plains Exploration (PXP +2.2%) by Freeport McMoRan (FCX +0.4%). The FCX offer is too low, ISS says, adding that "even at the announcement day valuation of $49.55, the transaction would offer little or no takeover premium to the current stand-alone value." (earlier) 3 Comments [Energy, Commodities, M&A, On the Move]
Monday, May 6, 2:12 PM SAC Capital unit CR Intrinsic says it will vote against Freeport McMoRan's (FCX +1.2%) pending acquisition of Plains Exploration (PXP +1.1%) because it undervalues the company. CR says shares of PXP's peers have risen since the deal was announced, and that PXP has reported two operationally strong quarters. CR says its affiliates and funds it manages own ~3.8% of PXP. Comment! [Energy, Commodities, M&A]
Wednesday, May 1, 10:30 AM Freeport McMoRan (FCX -1.2%) is upgraded to Buy from Neutral at Nomura, which likes FCX's strong asset base in oil and gas and copper with solid organic growth potential. The firm forecasts FCX to generate cumulative free cash flow of $7.7B from 2014-16, with net debt reduced to $8B by year-end 2016; including deleveraging benefits, FCX trades at only 3.2x 2016 EV/EBITDA. 4 Comments [Commodities, Quick Ideas]
Thursday, April 25, 12:23 PM Freeport McMoRan (FCX +1.2%) has been under pressure to raise its offer for Plains Exploration (PXP -1.4%), but Deutsche Bank's Jorge Beristain thinks that could change after Anadarko reported lower-than-expected results from its Phobos well. The announced 250 net feet for the project roughly equates to 250M boe, far below market expectations of ~500M and DB estimates of 600M, Beristain says. Comment! [Commodities, Energy, M&A]
Monday, April 22, 5:41 PM Caterpillar gained today because its weak Q1 report was no worse than expected, but there's little chance of a snapack in global metals and mining later in 2013, 24/7's Jon Ogg writes. Bottoming out may take much longer than expected now, he warns, and sector investors may see more volatility and timing pain than in the past. (also) Today: CAT +2.8%, FCX +1.1%, JOY +0.5%, DE +0.4%, X -0.6%. 1 Comment [Global & FX]
Monday, April 22, 1:52 PM Goldman Sachs cuts its forecast for copper prices this year, citing rising global stocks and mounting worries regarding China's growth outlook, but says the selloff in Freeport McMoRan (FCX -0.4%) looks overdone. The firm maintains its Buy rating for FCX but lowers its 2013 and 2014 EPS estimates to $3.35 from $4.53 and to $3 from $3.20, respectively. Comment! [Commodities]
Thursday, April 18, 3:14 PM The Democratic Republic of Congo’s copper-rich Katanga province says it won’t implement a government ban on exporting copper and cobalt concentrate because it doesn’t have capacity to process all the ore itself. Many of Congo’s copper miners, including Freeport McMoRan (FCX), Glencore (GLCNF.PK) and Lundin Mining (LUNMF.PK), saw their stock prices fall yesterday after the ban was announced. Comment! [Commodities, Global & FX]

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