One of the largest shareholders in Freeport-McMoRan Copper & Gold slammed the company's $9 billion deal to acquire McMoRan Exploration and Plains Exploration & Production, saying Freeport management had broken shareholder trust.

"I haven't heard anything on this call that in any way justifies why these companies should be put together," said Evy Hambro, a managing director at BlackRock, on a conference call to discuss the deal.