The Conversation (0)
Freeport McMoRan Shares Up 34 Percent as Two Board Members Added From Carl Icahn's Firm
Oct. 07, 2015 10:41AM PST
Base Metals Investing
The Associated Press reported that shares of Freeport McMoRan (NYSE:FCX) spiked this Wednesday on news that the company had added two new board members chosen by activist investor Carl Icahn. Shares of Freeport have gained 34 percent to trade at $13.01 in the past five days.
The Associated Press reported that shares of Freeport McMoRan (NYSE:FCX) spiked this Wednesday on news that the company had added two new board members chosen by activist investor Carl Icahn. Shares of Freeport have gained 34 percent to trade at $13.01 in the past five days.
As quoted in the press release:
The activist investor and firms that he controls own an 8.8 per cent stake in Freeport-McMoRan. The board members, Andrew Langham and Courtney Mather, work at Icahn Capital LP.
“I hope and believe that we will work with Freeport’s board to enhance value as we have done with so many others,” Icahn said in a statement.
The additions come a day after Freeport-McMoRan slashed its board members to nine from 16, and said that it may split off its oil and gas operations.
Click here for the full article.