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Freeport-McMoRan Inc. Message Board

  • bcfbubba bcfbubba Dec 6, 2012 8:00 AM Flag

    FCX shareholders : realize that Jim Bob has just executed the beginnings of a plan

    that will create just as profitable O&G Company as Grasberg. Low financing cost & the creation of a World Class O&G Company under one roof. In time, understand this is a fantastic deal for FCX shareholders at today's price.

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    • Blackrock owns 8% of FCX. Here's what Evy Hambro had to say during yesterday's investor conference:

      " "Congratulations on making one of the worst teleconferences I’ve ever heard to justify a deal,” Hambro told Adkerson. “I haven’t heard anything on this call that in any way justifies why these companies should be put together.”

      Investors have the freedom to diversify their own portfolios “and don’t need management teams to do it for them,” Hambro said."

      Hambro manages Blackrock's mining fund and I respect his opinion. Moffett and Adkerson need to leave as soon as possible. Let the shareholder revolt begin.

    • Is FCX admitting that they cannot innovate their own company to higher profits? Is that why they are going outside their industry? Historically, companies who were bad at their own industry and tried to buy into other industries always lost their shirts in the long run. And they ended up selling the companies they bought in other industries at a loss.

      Sentiment: Strong Sell

    • It may turn out to be a brilliant plan bubba. My beef is that FCX is a publicly traded company, owned by it's shareholders, who were kept in the dark regarding this new strategy. They may not be entitled to input during the decision making process, but at the very least they should be informed that major changes are being considered and most certainly when they are imminent. The company filed an 8-K report with the SEC yesterday regarding the transaction. The previous 8-K and 10-Q reports filed in late October and early November make no mention of plans to diversify the company nor any planned or pending acquisitions. The 10-Q posted just over a month ago has an Overview and an Outlook section. Not once do the words "diversification" or "acquisition" appear in either section. IMO the possibility of a pending 20B deal warrants some kind of mention.

      • 3 Replies to tckenno
      • To change the diversification of FCX to an O&G without any advanced indication to shareholders, is just plain "in your face" to the common shareholder. I invested in FCX only because of their position in gold, copper, and other mining activities. The trust of management has been shattered by this deal. The deal is heavily weighted to the sellers, at the expense of the FCX shareholders.

      • The only influence shareholders have on the actions of a publicly traded company are regarding the election of the BOD. Pushing out strategy to the masses is not realistic.

        Sentiment: Strong Buy

      • blair.wagner Dec 6, 2012 9:58 AM Flag

        It is a myth that shareholders own the company. Most if not all public companies are "own" and
        managed for the benefit of it's upper management. Usually the BOD is the best money can buy
        and go along with the program. (much like our us supreme court)

    • truth_is_the_mother_of_hatred truth_is_the_mother_of_hatred Dec 6, 2012 8:40 AM Flag

      We agree However you must remember you are living in an instantaneous gratification society created by the likes of Bert & Ernie, So you see while you and us are in for the long term, the fools think masturbation is the same as long time love making. Feels the same to them in the short-term

      Sentiment: Strong Buy

    • Please #$%$ and return to the mrr board. MMR had 30 days of operating funds left, and my guess, had no other options to provide liquidity for their billion dollar boondoggle/foray into the ultra deep. By February they would have had to file for bankruptcy, now what's so World Class about a broken O&G company. Moffett ran it into the ground with his ego, and now he's involved an innocent bystander that has been damaged to the tune of billions of dollars. This will go down as the largest shareholder shakedown in the history of the markets. Starting to think you might have had better odds at the mafia run casinos of the 60's.

11.00+0.23(+2.14%)2:15 PMEDT