Deals
With Icahn at Door, Freeport Is Latest to Adapt Business
- The number of board members will be reduced to nine from 16
- Oil IPO remains an `alternative for future consideration'
Freeport-McMoran Rethinks Oil, Gas in Commodities Slump
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Weeks after billionaire investor Carl Icahn disclosed a stake in Freeport-McMoRan Inc., the mining and energy company abruptly revamped its board and said it was considering spinning off its oil and natural gas business.
The move is the latest in a series of maneuvers by major corporations that are struggling to placate shareholders in the face of a debilitating collapse in world commodities prices. On Monday, DuPont Co. announced its chief executive officer would resign, just months after narrowly winning a proxy battle against another activist shareholder, Nelson Peltz.