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) [View news story]
FCX will come out of this situation looking like it made another great move. I believe it's only a matter of time before one of these deep wells produces massive amounts oil and gas. If this comes true, the stock will double overnight!
Despite concerns of a slowdown in China, Freeport McMoRan (FCX) thinks it's inaccurate to talk of a winding down of Chinese consumption. China will remain a key driver of demand growth in the years ahead, Freeport foresees; in China, "the basis is so much bigger than it was 10 years ago, especially for copper, that I'm not sure we should talk about a slowdown," SVP Javier Targhetta says. [View news story]
I believe their stock is going to double in the near future if the global economy does not collapse. Their diversification into oil and natural gas could be the next great expansion for this company. I have held stock since the early 90s and the company has continued to become stronger with every merger or acquisition. I agree, if you don't like their approach sell their stock. I'm sure you will be sorry.
Copper supply shortages will extend into the first half of next year, Barclays estimates, as an accelerating Chinese economy more than doubles the pace of growth in global consumption. Demand will outpace supply by 316K metric tons in H1, more than all copper in London Metal Exchange warehouses, before a surplus emerges in H2. [View news story]
I have been holding this stock for several years now. It is very volatile but I expect it to reach new highs in the coming year.
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) [View news story]
Despite concerns of a slowdown in China, Freeport McMoRan (FCX) thinks it's inaccurate to talk of a winding down of Chinese consumption. China will remain a key driver of demand growth in the years ahead, Freeport foresees; in China, "the basis is so much bigger than it was 10 years ago, especially for copper, that I'm not sure we should talk about a slowdown," SVP Javier Targhetta says. [View news story]
Copper supply shortages will extend into the first half of next year, Barclays estimates, as an accelerating Chinese economy more than doubles the pace of growth in global consumption. Demand will outpace supply by 316K metric tons in H1, more than all copper in London Metal Exchange warehouses, before a surplus emerges in H2. [View news story]