Freeport's Deals Fail the Smell Test

By

Jim Cramer

 | Dec 5, 2012 | 12:10 PM EST

We got not one but two astounding deals today in the oil patch -- astoundingly bad deals, I should add.

Freeport-McMoRan Copper & Gold's (FCX) huge bid for McMoRan Exploration (MMR), a related company, and Plains Exploration & Production (PXP) smacks of gigantic overpays for certain Gulf of Mexico assets -- something that the market's verifying today with a tremendous hammering of FCX stock....476 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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