2012年最差交易大盘点

弗里波特收购麦克莫兰

    2012年华尔街的交易不断爆出利益瓜葛的戏码，其中一出好戏，就是弗里波特公司（Freeport ）斥资90亿美元收购一家曾经的下属企业和一家关联公司。在麦克莫兰公司（McMoRan）的董事会里，超过半数的董事会成员也是弗里波特公司的董事会成员。而弗里波特公司的董事长吉姆·鲍伯·莫非特也是麦克莫兰公司的CEO。因此弗里波特公司慷慨地在投资者给麦克莫兰公司的估值的基础上加了74%的溢价，也就没有什么好奇怪的了。

    弗里波特公司的董事会成员肯定因为这笔交易赚了不少钱。但只要投资者们认为这是一笔好交易，那也无可厚非，问题是投资者并不这样想。在一次宣布这笔交易的电话会议上，贝莱德公司（Blackrock）的投资经理韩艾飞表示：“恭喜你们开了一次我参加过的有史以来最差的、仅仅是为一次交易进行辩护的电话会议。”他也不认为这笔交易有多划算。

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.