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Will Freeport-McMoRan exit the oil and gas sector again?

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Freeport McMoRan (FCX) is reviewing strategic alternatives for its oil and gas business following discussions with shareholders and has announced that Board changes have been agreed with activist investor Carl Icahn one of FCX's largest shareholders in preparation for a potential spinoff. The conglomerate has been hit hard by the fall in oil and copper prices with market value down almost 70% year on year. These latest announcements follow a series of moves made to address the near term funding gap including a lower dividend cuts to the 2016 budget and a US$1 billion equity raising.

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