Freeport Reviewing Options for O&G Business

Energy and mining company Freeport-McMoRan Inc said it is reviewing strategic options for its oil and gas business, including a spinoff, joint venture or a public offering.

Activist investor Carl Icahn owned 8.8 percent of the company as of Sept. 22.

Freeport also said it has reduced the size of its board to nine from 16.

Five members who left have been named to the board of the oil and gas segment, in preparation of considering a separation of the business, the company said.

 

(Reporting by Amrutha Gayathri in Bengaluru)