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Icahn-Targeted Freeport Said to Work With JPMorgan on Strategy

  • Freeport may explore cost cuts, capital reduction, asset sales
  • Icahn holds about an 8.5 percent stake in the copper producer

Freeport-McMoRan Inc. is working with JPMorgan Chase & Co. to review its strategy after billionaire activist investor Carl Icahn bought a stake in the company, people familiar with the matter said.

Freeport, the world’s biggest publicly traded copper producer, may consider options including cost cuts and capital reduction plans, as well as asset sales, the people said, asking not to be identified as the information is private. Freeport’s discussions with its advisers are at an early stage and no decisions have been made, the people said.