Friday, November 24, 2006

No BHP bid for Freeport

Analysts are now saying what Guambat pointed out yesterday, namely that Freeport McMoRan comes with too much political baggage for BHP to get involved.

"0054 GMT [Dow Jones] Zero chance of BHP Billiton (BHP.AU) bidding for Freeport (FCX) in wake of latter's takeover of Phelps (PD), says industry analyst. View based on "horrendous" social, political, environmental issues surrounding
Freeport's flagship Grasberg mine in Indonesia, which would resonate loudly with BHP
given ongoing fallout from its Ok Tedi mine in nearby PNG. "BHP must be laughing at
all the broker reports naming it as likely Freeport suitor," says, naming Barrack
Gold as only possible suitor, although even that appears unlikely."

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