Atticus Capital Buys More Phelps Dodge

Atticus Capital, the $12 billion hedge fund, continues building its Phelps Dodge(PD Quote) war chest.

The New York-based hedge fund, in a regulatory filing Friday, says it added to its already considerable equity stake in the copper-mining company during the second quarter of the year. Atticus was buying shares of Phelps during a period that the Arizona-based company proposed an ambitious and ultimately unsuccessful three-way $40 billion merger with two Canadian nickel-mining companies.

Atticus, which has become something of a thorn in the side of Phelps' management, opposed the complicated merger and has urged the company to bolster its stock price by buying up shares. The hedge fund also has said it wouldn't be opposed to seeing Phelps get bought out. ...