Legendary investor Carl Icahn has set his sights on miner Freeport-McMoRan Inc. , saying the company shares are undervalued and that he plans on having discussions about executive pay and capital expenditures, according to a filing. Icahn also said his fund may seek representation on the company’s board. Shares of Freeport McMoRan surged 18% in late-trading Thursday, after ending the day up 29%. The company earlier Thursday said it would cut its mining budget by 25% next year and cut 10% of its mine staff to counter a slump in commodity prices.
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