Icahn Takes a Stake in Copper Giant Freeport-McMoRan

Activist investor Carl Icahn bought a big stake in Freeport-McMoRan Inc., adding pressure to the beleaguered miner hours after it disclosed a major retrenchment in response to the global commodity rout and an ill-timed pair of acquisitions two years ago.

The billionaire activist investor disclosed late Thursday he holds an 8.5% stake in Freeport, worth roughly $900 million and enough to make him one of the company's biggest shareholders. A securities filing said he would potentially seek board representation and wants the company to cut spending levels and executive compensation.

The disclosure followed word by Phoenix-based Freeport earlier in the day that it would slash 2016 capital spending by 29%, cut about 10% of its U.S. workforce--or more than 1,500 jobs--and reduce output. That is on top of plans to cut spending in its oil-and-gas operation announced earlier this month.

Freeport said in a statement that it "maintains an open dialogue with our shareholders and welcomes constructive input toward our common goal of enhancing shareholder value."