Stifel Nicolaus Says Others Bidders for Phelps Dodge (PD) "May be Discouraged by the 33% Premium"
Commenting on Freeport-McMoran Copper & Gold (NYSE: FCX) deal to buy Phelps Dodge (NYSE: PD) for $25.9 billion, Stifel Nicolaus analyst Paul Forward said, "Other bidders considering a run at PD may be discouraged by the 33% premium proposed by FCX, as well as the advantage that a fellow U.S. firm would appear to have over a foreign firm in acquiring the largest U.S. producer of copper, a strategically important metal."
posted by Lon at 10:10 AM
1 Comments:
This makes Freeport the largest producer of copper in the world. I think the combined companies will have a lot more selling poer and copper will continue its price increase.
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