...1. Introduction Freeport-McMoRan also called Freeport or FCX in New York Stock Exchange, operates in exploration, mining and refining of ore containing copper, gold and silver. Freeport’s synergy in creating the world’s largest publicly traded natural resources was initiated through the merger and acquisition (M&A) transactions. Investment banks, J.P. Morgan and Merrill Lynch play a key role as a financial assistance to advice Freeport in the merger and acquisition transactions. On November 19, 2006, media announced that Phelps Dodge (PD) is to be acquired by Freeport. This opportunity will eventually benefit Freeport in the future growth, given that PD is known as world’s leading producer of molybdenum-based chemicals and continuous-cast copper rod. In the case study of Freeport-McMoRan in financing an acquisition, several questions will be discussed including the events, which lead to the merger transaction following the analysis of operating and financial performance as well as the involvement of J.P. Morgan and Merrill Lynch prior to the acquisition announcement. 2. Question 1 a. During the year of 2006, a tumultuous series of events occurred before the acquisition of Phelps Dodge by Freeport-McMoRan on November 19, 2006, concerning M&A landscape in the US mining industry. The events emerge from the implementation of a poison pill, which hostile and non-hostile companies fight to win the M&A transaction of the target company. Phelps agreed to acquire...
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...Freeport-McMoran Case Study The environment is something humans should always be concerned about. In the case study involving Freeport-McMoran strip mining, the environment is the main concern. The environmental concern is the central ethical issue to be resolved because in the long term, it starts to influence everyone around the world negatively. If one company is allowed to destroy mountains and the environment and make millions, more companies will likely jump on that same ship. When more and more companies start to make money at the expense of the environment, more people become in the same situation as the Amungme and Kamoro. On top of that, our food sources will dwindle and our water contaminated. If our environment is continually destroyed, other resources will be destroyed too. Ex. Copper may be abundant, but with all the copper mining going on, lumber is now scarce. My solution to this problem would be by following Eduardo Nebot, a robotics specialist at the University of Sydney. . His paper mainly consists of a safe alternative to strip mining using advanced robotic technology, which would be a feasible, safer and cost effective strategy. What he also found out was that --mining deposits are becoming increasing smaller, and destroying the surroundings for a small amount would waste time and not justify the consequences. His robotics could identify how big or small the deposits are. Strip mining can have sever effects on everything around the site. According to the...
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...“Knowing your Audience” By: Nicholas Findlow August 16, 2013 When reading about an accident or and incident you have to think about everyone that is involved and how that may affect them. Whether it be towards the family or the company that it effects. It may be difficult to explain everything because when you do have to explain these things you will not have all the answers. When reading “Miners Trapped At Giant Freeport Mine in Papua” and “Over 30 Workers Trapped After Chilean Copper Mine” it was rather difficult for me to think of how I would personally address the family or the company about these situations. First off I think that I would speak with the families individually because I understand that each case would be different. Such as going to there homes, sitting them down and telling them that we are doing our best to get to the trapped miners and safely bring them home. The biggest thing that I feel we would offer to the families is support and up to day information on the process of rescuing these people. “ I am deeply saddened to have to come and speak with you today. At 1:00 p.m. this afternoon the eastern tunnel collapsed and your husband was one of the men trapped by the collapsed tunnel. We are doing everything we can to safely rescue him and the other men trapped. We completely understand your concern and are here to support you during this difficult time. If there is anything...
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...SESSION 9 PRE-WORK 1000 words max in total, although some questions may require more than 100 words (question 5). P.C: “Freeport-McMoRan: financing an acquisition” 1/What is a poison pill? What is a white knight? A poison pill is a shareholders’ right plan approved by the Board of Directors of a corporation to discourage hostile takeovers. There are two types of poison pills: a) Flip in: shareholders have the right to buy more shares at a discount, if a bidder buys a certain percentage of the company's shares. This action dilutes the shares of the bidder and makes the takeover more expensive. b) Flip over: allow shareholders to buy the acquirer's shares at a discounted price after the merger. Poison pills are controversial because they force the bidder to negotiate with the Board instead of negotiating directly with the shareholders. A white knight is a company that makes an offer to acquire another company that is suffering a hostile takeover (target company), in a friendly takeover that suits the needs of the target company and its board. 2/Page 2 of the case:”In spite of the lower price, analysts suggested that investors would favour the all-cash bid of CVRD at the time “. Why would investors favour a lower bid? Because the all-cash bid would "allow Inco shareholders to realize upfront in cash Inco's profitable growth potential without incurring the risk of that such potential will not be realized," as CVRD said in...
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...outdoor supplies company with the foundation of his newly created Maine Hunting Shoe and the idea that people like him would like the same things as him. The business started in Freeport, Maine, a small shoe factory town, as a small retail store and catalogue in 1917, and continued to earn a name for itself and grow as the years went on. It is said that L.L. grew a “loyal following” (pg.12) and people were interested with what was going to come out of his company. L.L. accomplished his goals and eventually passed the company down to his son and then his grandson. This book is a story by his grandson, Leon Gorman, about the start of the company, his journey through it, and the company present day. Although L.L. Bean, a well-known brand now, has gone through many ups and down since it’s small town origin, it has still kept the gold rule of its founder, which has helped it remain successful. Leon Gorman, L.L. Bean’s grandson, and graduate from Bowdoin University, begins his story about his family enterprise by telling us how he was introduced into the business and the factors that led to the success of the business. Gorman was honorably discharged from the United States Navy in May of 1960 and wanted to find new work right away. It was suggested to him to visit his grandfather’s small shop in Freeport, Maine to find a job. Having military experience and a college degree his grandfather hired him, although it was told, “he’d never turn down a family member looking for work” (pg...
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...Profile – Mr. Donald Dean R.A Leading Grand Bahama architect, Mr. Donald Dean came to Freeport Grand Bahama in the early 19.. from Nassau where he was born. As a part of the staff in the planning department at the Grand Bahama Port Authority, Mr. Dean was instrumental in the early stages of development in Freeport. In 19…. He went on the open his own firm The Architects Incorporated offering full architectural, planning, and interior design services. Winner of the …..silver …. for his proposal for a new Supreme Court Complex in Nassau, Mr. Dean’s signature buildings can be seen lining the prestigious Well Mall Drive leading from the airport through the center of Freeport’s business district. Starting with The Imperial Life Financial Building in 19.. , he went on to design both The Family Guardian Building and The Star General Insurance Buildings, as well as the new Federal Financial Center where his firm is located. The new impressive Police Complex that now graces the Mall in Freeport is also one of Mr. Dean’s landmark structures. Apart from his many commercial projects of which just several were mentioned, The Architects Incorporated has also designed many of the prestigious homes that are nestled away in some of Freeport’s best neighborhoods. A civically minded firm, The Architects Incorporated, is ever willing to help needy and important causes. Their services have been donated on several occasions, namely to the new Grand Bahama Sports Complex, the newly proposed...
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...VII. Corporate governance in foreign investments, privatization and the significance of insolvency regimes 7.4 Grand corruption involving privatization Submitted by: Ma. Jolina M. Boloso BSA 3-1 Submitted to: Prof. Carolina Guerrero May 10, 2014 Table of Contents I. Corruption and privatization ………………………………………………. 2 What structure help prevent corruption …………………………………. 3 II. Examples of Grand corruption involving privatization MWSS …………………………………………………………………………………. 4 * Problems and rationale for MWSS privatization ……………… 4 * Privatization of MWSS ………………………………………………….. 5 * MWSS issues and controversies …………………………………….. 6 Expo Filipino ………………………………………………………………….……. 8 * Issue ..…………………………………………………………………..…….. 8 * Reopening …………………………………………………………………… 9 III. References ………………………………………………………………………. 10 I. Corruption and privatization Corruption has become a major international concern. The topic of international conferences, policy forums and ministerial speeches, it is also the subject of a recent OECD Convention and the focus of an international non-governmental organization, Transparency International. However, the incidence of large-scale corruption is closely connected with contracting-out, concessions, and privatization, where multinationals based in OECD countries stand to gain a lot of profitable business. The encouragement of privatization by the World Bank, and the economic benefit to OECD multinationals from...
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...SBFZ ICT PROFILE (For Updating) SUBIC BAY FREEPORT ZONE: ICT HUB LOCATION PROFILE Page 1 SITUATIONAL ANALYSIS (INTERNAL LANDSCAPE) ANALYSIS: CURRENT PRODUCT - SUBIC BAY SPECIAL ECONOMIC AND FREEPORT ZONE Product Features, Benefits, and Appeals Subic Bay Freeport Zone (SBFZ) has a total area of 67, 452 hectares both land and water (water area has a total of 12,350 hectares and a land area of 55, 102 hectares as defined by Proclamation No. 532 of the Subic Special Economic and Freeport Zone SSEFZ) Metes and Bound. It is comprised by the City of Olongapo, Subic Town, San Antonio in Zambales and the former US Naval Reservation. The earliest predecessor to the USFAC Subic Bay was an un finished Spanish Naval Station, acquired by the U. S. in 1898, following the Spanish American War. During World War II, most of the original station was destroyed by American rear guard action and aircraft bombing attacks. Following World War II and the achievement of Philippine independence, a decision was made to establish a U. S. Naval Base at Subic Bay. Substantial construction efforts were begun and accelerated during the Korean Conflict, resulting in the establishment of the U. S. Naval Base, Subic Bay, in 1954. Much of the area now occupied by the Freeport was previously occupied by the City of Olongapo. At that time, the Commander of the Naval Base was also in control of the City of Olongapo. During the Vietnam Conflict, construction of the facilities was again accelerated, and...
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...Foreword A history would by its nature, inevitably have gaps and missions with regards to local history. We can continue the work began by the older generation by filling in the gaps and omissions and presenting alternative viewpoints that reflect more accurately the complex nature of our collective history. We are all familiar with the souvenir programs generated by countless town fiestas and similar community celebrations that almost always contain a short account of the town’s history but we always fail to produce something to be of lasting value. One of the hazards of writing a historical document destined to be used as a future reference which may draw special interest from the readers and may have a wide circulation is the gathering of accurate and reliable information. It is surely one of the reasons why Castillejos has no written document about its own local history for no one has shown their intention to write something which is of utmost importance to unfold significant local stories and to enrich awareness and consciousness about the origin and roots of a true blooded citizen of Castillejos. According to Dr. Jose Rizal, “In order to understand the destiny of a people, it is necessary to open the book of its past.” Now is the opportune time to look back to be able to know ourselves better, the essence of our existence today and understand the reasons of what and how we become today. For any inaccuracy and misinterpretation...
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...Typically 30-45 working days if not in stock. 4. Limited Warranty as provided by Manufacturer. Price is based on components shipped via ocean freight. Rush order may require additional airfreight charges. Should you have question, please feel free to contact us at 047 252 2637 or 09088772832. This proposal shall remain valid for a period of not more than 30 days from the date herein. Sincerely you Noted by: Conforme: Luccie Tura lba E-MAIL: MAKEITHAPPEN@BANDASOLAR.COM PO BOX 128 • SUBIC BAY FREEPORT ZONE • ZAMBALES. PHILIPPINES • 2 2 2 2 SPECIFICATIONS 90w Cobra Head Street Light Input Voltage 85-265Vac 60Hz Lumen 10 400-11 200lms Life expectancy: 50.000 hrs Color W'WW/CW 'ROI 3 9 Months 90W LED vs 350W HPS , `ROI for this product is based on 24hrday use power savings only additional maintinance savings and shorter hours day usage can increase or decrease the ROI depending on requirements E-MAIL - MAKEITHAPPEN@BANDASOLAR COM PO BOX 128 • SUBIC BAY FREEPORT ZONE • ZAMBALES, PHILIPPINES • 2222...
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...Zambales being only 3 hours away from Manila, Pundaquit however, is another 30 to 60 minutes away from the first city which is Olongapo. Traveling to Pundaquit is not as hard as it looks, compared to traveling towards the beaches South of Manila. The North has all the scenic roads and interesting people you’ll see along the way. That’s enough reason to make daytrippers and backpackers feel more relaxed, laid back and away from the rat race and hustle and bustle of Metro Manila. TRAVELING VIA PRIVATE VEHICLE: Coming from Manila, take the North Luzon Expressway or NLEX and take the San Fernando Exit then head southwest the road to Olongapo. Before you reach Olongapo town proper, there is a shortcut route that will take you inside Subic Base Metropolitan Authority or SBMA which you may want to take to bypass the traffic and a few winding roads pass Olongapo’s busy street. As soon as you exit SBMA, head northwest and you will pass by the towns of Castillejos, San Marcelino and then the Town of San Antonio. Once you are in San Antonio, it’s advised to ask the locals for the way to Pundaquit as it’s a bit complicated having no street signs in the area. Locals will be glad to answer you for directions. A fool proof way to ensure you won’t get lost, hire one of the many tricycle drivers to take you there on a convoy. If you made your reservations, mention the name of the resort beforehand so they know exactly where you are going. TRAVELING VIA PUBLIC TRANSPORT: The best and most...
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...1. Дэлхийн Уул Уурхайн хэмжээ ------ $ 2. Алт, Зэс, Нүүрс, Төмөр ---- % 3. АЗНТ - ын Монголд эзлэх ---- % 4. Олон Улсын компаниудын АЗНТ ын ---- №, $ 5. Дээрх ОУ-ын компаниудын хэд нь Монголд байна вэ? 1. Global mine size 2. Gold, Copper, Coal, Iron 3. Gold, Copper, Coal, Iron percentages in Mongolia 4. International mining companies Gold, Copper, Coal, Iron’s no&$ 5. How many of the above international mining companies are currently working in Mongolia? Асуулт № 1, 2, 3 Question № 1, 2, 3 № | Түүхий эд | Дэлхий /нөөц/ | Монгол /нөөц/ | Монгол /эзлэх %/ | Монголд $ | 1 | Алт | 31,575.1 тонн /2013/ | | | 62тэрбум | 2 | Нүүрс | 861тэрбум тонн /2012/ | 150тэрбум тонн | 17% | 128тэрбум | 3 | Зэс | 630.000 сая тонн /2013/ | 14сая тонн | 0.002% | 306тэрбум | 4 | Төмрийн хүдэр | 234750 тэрбум тонн | 600сая тонн | | 30тэрбум - төмрийн хүдэр | Эх сурвалж: Resources: www.gold.org americanresources.org oilprice.com http://www.statista.com/statistics/267381/world-reserves-of-iron-ore-by-country/ http://www.businessinsider.com/countries-by-gold-reserves-january-2013-2013-1?op=1#ixzz34xUsjF9T www.northamericaninterests.ca Дэлхийн хамгийн том уул уурхаЙн компаниуд The global top ten richest mining companies № | Company name | CEO | Location | Revenue | Stock price | Website | 1 | Glencore Xtrata, 1974 | Ivan Glasenberg | headquartered in Switzerland | $200bn in 2013 | GLEN (LON) 325.75 GBX | www.glencore.com/ | 2...
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...1. I think that the choice of Merrill Lynch and JPMorgan by the Freeport-McMoRan happened to support the transaction. These banks are solid and have credibility in the financial market, so that way the company passes more respect and trust when chose good banks. Also, JPMorgan and Merrill Lynch were selected because they committed $6 billion in bridge loans and to underwrite the entire $17.5 billion in debt financing, plus $1.5 billion in credit lines. 2. The leveraged finance group is responsible for making the bridge financing commitment and support the Freeport-McMoran to make a bid for the Phelps Dodge. Also, this group is responsible to analyses the new debt structure, the consequences on credit ratings and examines the possibility of sell the debt to other investors. 3. The principal risk of the banks is persuading the investors to subscribe to the offering of the securities. The firm sets aside capital when it takes on an underwriting risk position, so put cash in a risk-free security as a T-bond. 4. If the credit rating agencies give higher credit rating to the bond, the bond will be lower cost of debt capital. Thus, there are strong impacts on the valuation of the company and the return of the equity. The group of rating advisory is part of the debt capital market has to advise the company on the credit rating process and the expected ratings outcomes based on the selected capital structure. 5. The equity research can meet with the institutional sales to provide...
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...Ethics and Corporate Responsibility in the Workplace and the World Patricia Ingram Professor Renee Berry Legal 500- Law, Ethics, and Corporate Governance March 1, 2015 Introduction "PharmaCARE is one of the world’s most successful pharmaceutical companies, enjoying a reputation as a caring, ethical and well-run company that produces high-quality products that save millions of lives and enhance the quality of life for millions of others. The company offers free and discounted drugs to low-income consumers, has a foundation that sponsors healthcare educational programs and scholarships, and its CEO serves on the PhRMA board. PharmaCARE recently launched a new initiative, We CARE about YOUR world®, pledging its commitment to the environment through recycling, packaging changes and other green initiatives, despite the fact that the company’s lobbying efforts and PAC have successfully defeated environmental laws and regulations, including extension of the Superfund tax, which was created by Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). ...PharmaCARE maintains a large manufacturing facility in the African nation of Colberia, where the company has found several “healers” eager to freely share information about indigenous cures and an abundance of Colberians willing to work for $1.00 a day, harvesting plants by walking five (5) miles into and out of the jungle carrying baskets that, when full, weigh up to fifty (50) pounds. Due to the...
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...PART 1 Company Allocation Ticker symbol | Company | | GICS Sector | GICS Sub Industry | Address of Headquarters | | BEN | Franklin Resources | | Financials | Diversified Financial Services | San Mateo, California | | FCX | Freeport-McMoran Cp & Gld | | Materials | Diversified Metals & Mining | Phoenix, Arizona | | The cost of capital of the aforementioned companies will be discussed in the following questions. The companies will be referred to by their Ticker Symbols henceforth. Question 1 BEN The book value of the company’s liabilities and equity can be deduced from a number of online sources. The US Securities and Exchange Commission (2013) provided the company filings data whereby BEN’s Form 10q, dated 29/07/2013, showed the following (included on page 2 of this report). The book value of long-term debt is $1,252.1 million, and the book value of equity is $10,402.3 million. The schedule of outstanding debt shows that this figure includes $54.5 million of FHLB advances and $1197.6 million of Senior Notes at various effective interest rates. The notes on Stockholders Equity and Non- Redeemable Non-Controlling Interests reveal that Franklin Resources Inc Stockholders Equity totals $9779.8 million whilst the Non- Redeemable Non-Controlling Interests (previously referred to as minority interests) totals $622.5 million. FCX The book value of the company’s liabilities and equity can be deduced from a number of online sources. The US Securities...
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