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Atticus Upping Freeport-McMoRan Stake
by Christopher Glynn ,Senior Reporter, August 20, 2007

Atticus Capital has raised its stake in Freeport-McMoRan Copper & Gold Inc. to 7.5 percent, according to a filing.

The hedge fund concern now has 28.6 million-share take of the Phoenix-based mining company. Atticus last reported owning 6.4% Freeport-McMoRan.

In June, Atticus said it plans to open a dialogue with Freeport-McMoRan management aimed at increasing shareholder value.

Last week, Soros Fund Management reported owning a stake in Freeport-McMoRan.

In 2006, Freeport-McMoRan bought Phelps Dodge, a mining company in which Atticus was an active shareholder.

Freeport-McMoRan gained $1.90, or 2.5 percent, to $78.80 in morning trading.

  
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