"We are not supportive of this deal, as we believe Freeport shareholders would rather maintain exposure to copper (or at least mining), receive higher dividends and there are few synergies and greater complexity," he wrote in a note to clients.

THE SHARES: After Wednesday's sell-off, the stock was down another $1.50, or 4.4 percent, to $30.66 in late trading, after earlier hitting $30.56, its lowest level since it touched $30.37 in late September, 2011.

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