弗里波特收購麥克莫蘭

????2012年華爾街的交易不斷爆出利益瓜葛的戲碼，其中一出好戲，就是弗里波特公司（Freeport?）斥資90億美元收購一家曾經(jīng)的下屬企業(yè)和一家關(guān)聯(lián)公司。在麥克莫蘭公司（McMoRan）的董事會(huì)里，超過半數(shù)的董事會(huì)成員也是弗里波特公司的董事會(huì)成員。而弗里波特公司的董事長吉姆·鮑伯·莫非特也是麥克莫蘭公司的CEO。因此弗里波特公司慷慨地在投資者給麥克莫蘭公司的估值的基礎(chǔ)上加了74%的溢價(jià)，也就沒有什么好奇怪的了。

????弗里波特公司的董事會(huì)成員肯定因?yàn)檫@筆交易賺了不少錢。但只要投資者們認(rèn)為這是一筆好交易，那也無可厚非，問題是投資者并不這樣想。在一次宣布這筆交易的電話會(huì)議上，貝萊德公司（Blackrock）的投資經(jīng)理韓艾飛表示：“恭喜你們開了一次我參加過的有史以來最差的、僅僅是為一次交易進(jìn)行辯護(hù)的電話會(huì)議。”他也不認(rèn)為這筆交易有多劃算。

Freeport-McMoRan Exploration

????In a year that highlighted the conflicts of interest in Wall Street deals, Freeport's $9 billion bid to buy a former subsidiary and a related company took the prize. More than half of the directors of McMoRan?(MMR)?also sit on the board of Freeport?(FCX,?Fortune 500). The chairman of Freeport, Jim Bob Moffett, is also the CEO of McMoRan. So perhaps it's not surprising that Freeport agreed to pay 74% more for McMoRan than what investors were previously saying the company was worth.

????Freeport's own board members stand to gain. And that would all be alright if investors thought the deal was a good one. They don't. On the conference call to announce the deal, Blackrock portfolio manager Evy Hambro said, "Congratulations on making one of the worst teleconferences I've ever heard to justify a deal." He didn't think the deal was so hot either.