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Freeport-McMoRan cuts more spending; Icahn discloses stake

PHOENIX (AP) -- Activist investor Carl Icahn said late Thursday that he has taken an 8.5-percent stake in Freeport-McMoRan, just hours after the mining company announced cost cuts and lower spending in response to declining copper prices and soft economic conditions worldwide.

Shares of the Phoenix company surged 29 percent to $10.19 after it announced the spending reductions, although the stock is still down 72 percent in the past year. On Wednesday it reached its lowest price in 12 years. After Icahn disclosed his stake, the stock gained another 19 percent in extended trading, to $12.15.

Icahn said he wanted to discuss cuts to Freeport's operations and capital spending, and might seek representation on the board. According to...