Monday, August 20, 2007

Atticus Capital Loads Up on Freeport-McMoRan (FCX) Stock

In an amended 13D filing on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Atticus Capital LP disclosed that they raised their stake in the company to 7.48% (28,565,673 shares). The firm held 12,774,473 shares and call options on 8,919,500 shares at the quarter ended June 30, 200 (now at 15,336,173 shares and 13,229,500, respectively). The fund has additional long economic exposure to 19,359,974 shares through various arrangements.

In their original filing, Atticus said they "have met with, and may in the future continue to meet with, third parties to encourage them to consider strategic transactions."

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