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Wednesday, October 11, 2006

Atticus Capital Discloses 9.97% Stake in Phelps Dodge (PD), Met with Investors About Possible Acquisition of Company

From 13D Tracker

In an amended 13D filing on Phelps Dodge Corp. (NYSE: PD), Atticus Capital capital disclosed a 9.97% stake (20.3 million shares) in the company. This is up from the 16.3 million share stake the firm disclosed in a quarterly filing with regulators.

The group said, "As previously disclosed, the Reporting Persons have consulted outside advisors to help them formulate their options with regard to their investment in the Company. The Reporting Persons and an investment bank have recently met with several potential investors, including private equity firms and strategic buyers, to discuss each firm's possible interest in pursuing an acquisition of the Company."

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