{"id":5310,"date":"2006-11-21T00:00:00","date_gmt":"2006-11-21T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-mergers-show-substantial-profits","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2006\/hedge-fund-mergers-show-substantial-profits.html","title":{"rendered":"Hedge Fund Mergers show Substantial Profits"},"content":{"rendered":"<div>  HedgeCo.Net (New York) &#8211; Atticus, a New York-based hedge fund that manages more than $12 billion has been having talks with Freeport-McMoRan Copper &amp; Gold Inc.&nbsp;Freeport has already  undertaken the&nbsp;world&#8217;s biggest mining takeover, valued at about $26 billion when the mining company acquired&nbsp;hedge-fund Phelps Dodge Corp.<\/div>\n<div>  &nbsp;<\/div>\n<div>  Phelps Dodge Corp manager Timothy R. Barakett saw his investment jump by about $517 million, capping a 13-month campaign to find a buyer for the mining company and get more of its cash.&nbsp;  Shares of Phelps Dodge are trading at below Freeport&#8217;s offer price, which may mean investors don&#8217;t expect a higher bid, analysts said.<\/div>\n<div>  &nbsp;<\/div>\n<div>  Atticus Capital is the largest Phelps Dodge shareholder, with about a 10% stake.<\/div>\n<div>  &nbsp;<\/div>\n<div>  Barakett had been seeking a buyer for the copper producer since he opposed a proposal by Phelps Dodge CEO J. Steven Whisler to acquire two Canadian nickel producers for $40 billion. Before that,  Barakett successfully pushed for the company to give more of its $2.5 billion cash pile to investors, after a rally in metals prices sent profit to a record.<\/div>\n<div>  &nbsp;<\/div>\n<div>  &#8220;Some of their efforts have done shareholders of Phelps Dodge a great service,&#8221; said John Rosenberg, who helps manage $900 million including Phelps Dodge shares at Geneve Capital Group in Stamford,  Conn. &#8220;There&#8217;s a place in the market for activism.&#8221;<\/div>\n<div>\n<p>    According to financial research firm Dealogic,&nbsp;the value of global mergers and acquisitions for 2006 reached a record $3.368 trillion, beating the previous high set in 2000 of $3.332    trillion. Private equity firms such as hedge funds&nbsp;accounted for&nbsp;22% of total global M&amp;A volume in the first nine months of the year, hitting a new record of $570.1 billion in    deals.  <\/p>\n<p align=\"left\">    Alex Akesson<br \/>    Contributing Writer<br \/>    HedgeCo.Net<br \/>    Email: <a href=\"mailto:Editor@hedgeco.net\">Editor@hedgeco.net<\/a>     <\/p>\n<div align=\"left\">\n<p align=\"left\">      HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge      Funds!    <\/p>\n<div align=\"left\">\n<p align=\"left\">        <strong>Be sure to check out our sister sites. <a href=\"http:\/\/www.hedgefundlounge.com\/\">www.hedgefundlounge.com<\/a>, <a href=        \"http:\/\/www.hedgefundtools.com\/\">www.hedgefundtools.com,<\/a><\/strong> and <a href=\"http:\/\/www.hedgefundemployment.com\/\"><strong>www.hedgefundemployment.com.<\/strong><\/a>      <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>HedgeCo.Net (New York) &#8211; Atticus, a New York-based hedge fund that manages more than $12 billion has been having talks with Freeport-McMoRan Copper &amp; Gold Inc.&nbsp;Freeport has already undertaken the&nbsp;world&#8217;s biggest mining takeover, valued at about $26 billion when the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5310","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5310","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=5310"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5310\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}