Takeover Speculation, Positive Analyst Talk Drives Freeport-McMoRan (FCX) Higher
The extended move higher in Freeport-McMoRan (NYSE: FCX) (+12.5%) is being attributed to resurfaced takeover speculation.
Today, Xstrata bid $9.8 billion for Lonmin PLC, a week after Teck Cominco (NYSE: TCK) agreed to acquire Fording Canadian Coal Trust (NYSE: FDG).
In the past, Brazil's Vale (NYSE: RIO) has been mentioned as a possible suitor for Freeport.
Earlier today we noted two positive analyst comments on Freeport-McMoRan, one from Citi and the other from Deutsche Bank. Both cited a cheap valuation for Freeport, following the recent commodity sell-off.
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