SAC Sets Sights on Phelps Dodge Buyer

Dec 11 2006 | 10:15am ET

Stamford, Conn.-based hedge fund SAC Capital is hoping to derail Freeport McMoRan Copper & Gold’s proposed $25.9 billion buyout of copper-mining giant Phelps Dodge, according to the New York Post. SAC today, in a Securities and Exchange Commission filing, said it had acquired a 5.1% stake in Phelps Dodge.

According to the Post report, SAC is unhappy with the price offered by Freeport McMoRan when commodity prices are rallying.


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