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I get the PXP purchase; MMR not so much. Just read the latest updates on their $960MM Davy Jones well......
Barclays got the sell-side for PXP, and Evercore got the sell-side for MMR.
James Moffett is both chairman of Freeport and co-chairman/CEO of MMR, which he co-founded. A wee bit of incentive in it for him
That will pretty much do it
MMR is all about the Ultra-Deep Gas assets...I need to read a bit more when I get a minute as I am an owner of FCX but my impression is their vastly larger balance sheet will give MMR the resources it needs to continue that exploration. I am never thrilled about these types of huge acquisitions and in this case it completely changes the commodity blend of FCX but I think mid to long term this will still be a cash flow machine. Granted, I could have diversified my own commodity exposure without paying a 70% premium!!!
Worth noting that Leon Cooperman thought MMR was worth $35 while the shorts were questioning whether there was anything in the equity. Let's just say you wouldn't have wanted to be on the short side this morning.
is there any actual synergy (not IBD synergy) between mineral ore firms and oil/natural gas? Of the top of my head I cannot think of any major that is this diverse, its either metals and coal, or oil and gas.
Only one I can think of off the top of my head is distribution costs from hiring shipping tankers / freight etc....
.
we were just talking about this on the chat...Hayman Capital Management has $33m in call options on MMR
Screw Kyle Bass
CNX as well... though they've encountered activist pressure and stock has taken a hit as a result
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