{"id":3412,"date":"2005-10-04T00:00:00","date_gmt":"2005-10-04T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"atticus-boosts-phelps-stake-demands-share-buyback","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2005\/atticus-boosts-phelps-stake-demands-share-buyback.html","title":{"rendered":"Atticus Boosts Phelps Stake, Demands Share Buyback"},"content":{"rendered":"<p>  Oct. 4 (Bloomberg) &#8212; New York hedge fund Atticus Capital LLC boosted its stake in Phelps Dodge Corp., the world&#8217;s second- biggest copper producer, and demanded the mining company use an estimated  $2.5 billion cash surplus to buy back stock.<\/p>\n<p>  A &#8220;multibillion&#8221; share buyback &#8220;offers a return on equity superior to most capital expenditures,&#8221; Atticus Chairman and Chief Executive Officer Timothy R. Barakett said in a letter to Phelps  Dodge CEO J. Steven Whisler that was filed with U.S. regulators. Atticus said it accumulated an 8.6 percent stake in Phelps Dodge and is the second-largest shareholder.<\/p>\n<p>  Whisler, 51, is investing in mines to increase metals output as copper prices surged 26 percent in the past year to the highest ever. Phoenix-based Phelps Dodge&#8217;s profit tripled in the second  quarter, to a third straight record, amid climbing industrial demand for copper and higher sales of fabricated metal.<\/p>\n<p><a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=10000103&amp;sid=aQ.5E.4Gp2DM&amp;refer=us\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oct. 4 (Bloomberg) &#8212; New York hedge fund Atticus Capital LLC boosted its stake in Phelps Dodge Corp., the world&#8217;s second- biggest copper producer, and demanded the mining company use an estimated $2.5 billion cash surplus to buy back stock. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3412","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=3412"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3412\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=3412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=3412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=3412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}