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No. of Recommendations: 1
Just read your article and have to agree with you completely. However playing devil's advocate isn't there some positives to this move.
BHP have gone down this road of diversification.
The Davy Jones well problem seems to support your bail out theory and the Board memebers overlap is quite astounding.
I have not yet seen any finacials that shows what a good deal this is for FCX shareholders but I can sure see why it may be convenient for the Borad members thenselves. Such a blatant move with significant potential for accusations of breach of fiduciary duty must have been considered by all those involved. So maybe there is some potential in this move but me if I had wanted to own stock in Oil and Gas I could have done so and if I did I would't have bought either of these.
So I keep coming back to this being good for the Board memebers and not good for the shareholders.

I fear only the Lawyers and the Bankers are going to winners here.

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