Activist investor Carl Icahn reported a stake of 88 million shares in Freeport-McMoRan after the closing bell Thursday, making him its largest shareholder.
The mining company’s stock spiked 28 percent during the regular session, before Icahn’s 8.5 percent stake became public. It added 20 percent in extended trading.
Freeport-McMoran’s performance has suffered amid a prolonged drop in commodities prices, including an 18 percent dip in copper this year. On Thursday, the company said it would cut its 2016 capital expenditure estimate by 25 percent, or $700 million, as part of a previously announced review of operations.
Originally Aired: 08-28-15
Original Link: http://www.cnbc.com/2015/08/27/icahn-takes-stake-in-freeport-mcmoran-making-him-10th-biggest-holder.html