Monday, June 11, 2007

Atticus Capital Changes Filing Status on Freeport-McMoRan (FCX) Stake to 13D

In a 13D filing on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Atticus Capital LP disclosed a 6.4% stake (24,343,973) and noted they changed their filing status from 13G (passive) to 13D (active).

Atticus Capital said, "The Reporting Persons acquired the Shares for investment purposes, and such purchases have been made in the Reporting Persons’ ordinary course of business. The Reporting Persons expect to consider and evaluate on an on-going basis all of their options with respect to the investment in the Company. The Reporting Persons have met with, and may in the future continue to meet with, third parties to encourage them to consider strategic transactions involving the Company that are designed to maximize shareholder value for Company shareholders. In addition, the Reporting Persons may (a) consult with outside advisors to help them formulate their options with regard to their investment in the Company and (b) engage in discussion with management and/or the board of directors of the Company to encourage them to take steps to maximize shareholder value. The Reporting Persons may also pursue other available alternatives in order to maximize the value of the investment in the Company. Such alternatives could include, without limitation, (i) the purchase of additional Shares, options or related derivatives in the open market, in privately negotiated transactions or otherwise and (ii) the sale of all or a portion of the Shares, options or related derivatives now beneficially owned or hereafter acquired by them."
Atticus was the largest shareholder of Phelps Dodge, before Freeport-McMoRan bought the company. In the months leading up to the Phelps Dodge acquisition, Atticus was urging the company to sell itself.

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