BUZZ-Freeport-McMoRan Inc: Reviewing options for oil and gas unit

Tue Oct 6, 2015 9:13am EDT
 
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** Energy and mining company's shares up 2.4 pct at $11.45 premarket

** Reviewing strategic options for its oil and gas business, including a spinoff or JV

** Reduces size of board to nine from 16

** Still considering IPO for the oil and gas business, which filed for an IPO in June

** Oil and gas sales contributed 20 pct of company's 2014 consolidated revenues

** Announcement comes a week after its biggest shareholder and activist investor Carl Icahn said that company was an example of a "golden" buying opportunity

** 10 of 20 brokerages rate the stock "buy" or higher, 10 "hold"; median PT $14

** Since Icahn revealed stake in the company on Aug. 27, the stock had risen 9.7 pct

** Up to Monday's close, stock had fallen nearly 52 pct this year