UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. ________)*
Phelps Dodge Corporation
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(Name of Issuer)
Common Stock, par value $6.25 per share
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(Title of Class of Securities)
717265102
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(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 4, 2006
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 16 pages)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page. The information required on the
remainder of this cover page shall not be deemed to be "filed" for the purpose
of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 2 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 9,381,400
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,381,400
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,381,400
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
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CUSIP No. 717265102 SCHEDULE 13D Page 3 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 9,381,400
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,381,400
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,381,400
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
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CUSIP No. 717265102 SCHEDULE 13D Page 4 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Associates, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
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7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 8,938,700
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,938,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,938,700
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
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CUSIP No. 717265102 SCHEDULE 13D Page 5 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
S.A.C. Select Fund, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 411,700
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
411,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
411,700
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
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CUSIP No. 717265102 SCHEDULE 13D Page 6 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. MultiQuant Fund, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
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7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 22,300
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
22,300
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,300
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
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CUSIP No. 717265102 SCHEDULE 13D Page 7 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
S.A.C. Meridian Fund, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 8,700
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,700
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
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CUSIP No. 717265102 SCHEDULE 13D Page 8 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------------------------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 930,200
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
930,200
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
930,200
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
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CUSIP No. 717265102 SCHEDULE 13D Page 9 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investments, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
------------------------------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 930,200
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
930,200
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
930,200
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
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CUSIP No. 717265102 SCHEDULE 13D Page 10 of 16 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
------------------------------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 10,311,600
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,311,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,311,600
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 11 of 16 Pages
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ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of common stock, par value $6.25 per
share (the "Common Stock"), of Phelps Dodge Corporation, a New York corporation
(the "Issuer"). The principal executive office of the Issuer is located at One
North Central Avenue, Phoenix, Arizona 85004.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by:
(i) S.A.C. Capital Advisors, LLC ("SAC Capital Advisors") with respect to shares
of Common Stock directly beneficially owned by S.A.C. Capital Associates, LLC
("SAC Capital Associates"), S.A.C. Select Fund, LLC ("SAC Select"), S.A.C.
MultiQuant Fund, LLC ("SAC MultiQuant") and S.A.C. Meridian Fund, LLC ("SAC
Meridian");
(ii) S.A.C. Capital Management, LLC ("SAC Capital Management") with respect to
shares of Common Stock directly beneficially owned by SAC Capital Associates,
SAC Select, SAC MultiQuant and SAC Meridian;
(iii) SAC Capital Associates with respect to shares of Common Stock directly
beneficially owned by it;
(iv) SAC Select with respect to shares of Common Stock directly beneficially
owned by it;
(v) SAC MultiQuant with respect to shares of Common Stock directly beneficially
owned by it;
(vi) SAC Meridian with respect to shares of Common Stock directly beneficially
owned by it;
(vii) CR Intrinsic Investors, LLC ("CR Intrinsic Investors") with respect to
shares of Common Stock directly beneficially owned by CR Intrinsic Investments,
LLC ("CR Intrinsic Investments");
(viii) CR Intrinsic Investments with respect to shares of Common Stock directly
beneficially owned by it; and
(ix) Steven A. Cohen with respect to shares of Common Stock beneficially owned
by SAC Capital Advisors, SAC Capital Management, SAC Capital Associates, SAC
Select, SAC MultiQuant, SAC Meridian, CR Intrinsic Investors and CR Intrinsic
Investments (collectively, together with Mr. Cohen, the "Reporting Persons").
The Reporting Persons expressly disclaim beneficial ownership of securities
directly beneficially owned by any person or entity other than, to the extent of
any pecuniary interest therein, the various accounts under the Reporting
Persons' management and control.
(b) The address of the principal business office of (i) SAC Capital
Advisors, CR Intrinsic Investors and Mr. Cohen is 72 Cummings Point Road,
Stamford, Connecticut 06902, (ii) SAC Capital Management is 540 Madison Avenue,
New York, New York 10022, (iii) SAC Capital Associates, SAC Select, SAC
MultiQuant and SAC Meridian is P.O. Box 58, Victoria House, The Valley,
Anguilla, British West Indies, and (iv) CR Intrinsic Investments is P.O. Box
174, Mitchell House, The Valley, Anguilla, British West Indies.
(c) The principal business of each of SAC Capital Associates, SAC
Select, SAC MultiQuant, SAC Meridian, and CR Intrinsic Investors is to serve as
a private investment limited liability company. The principal business of each
of SAC Capital Advisors and SAC Capital Management is to serve as investment
manager to a variety of private investment funds, including SAC Capital
Associates, SAC Select, SAC MultiQuant and SAC Meridian, and to control the
investing and trading in securities by these private investment funds. The
principal business of CR Intrinsic Investors is to serve as investment manager
to CR Intrinsic Investments and to control the investing and trading in
securities by CR Intrinsic Investments. The principal business of Mr. Cohen is
to serve as a principal of SAC Capital Advisors, SAC Capital Management, CR
Intrinsic Investors and other affiliated entities.
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) SAC Capital Advisors, SAC Capital Management and CR Intrinsic
Investors are Delaware limited liability companies. SAC Capital Associates, SAC
Select, SAC MultiQuant, SAC Meridian and CR Intrinsic Investments are Anguillan
limited liability companies. Mr. Cohen is a United States citizen.
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 12 of 16 Pages
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Funds for the purchase of the shares of Common Stock reported herein were
derived from investment funds of SAC Capital Associates, SAC Select, SAC
MultiQuant, SAC Meridian, and CR Intrinsic Investments. A total of approximately
$464,000,000 was paid to acquire such shares, which are held in margin accounts
maintained at Goldman Sachs International, Morgan Stanley & Co. and Credit
Suisse Europe Limited in the ordinary course of business.
ITEM 4. PURPOSE OF TRANSACTION
SAC Capital Associates, SAC Select, SAC MultiQuant, SAC Meridian and CR
Intrinsic Investments originally acquired Common Stock for investment in the
ordinary course of business because the Reporting Persons believed that the
Common Stock, when purchased, was undervalued and represented an attractive
investment opportunity.
The Issuer announced on November 19, 2006, that it had entered into a definitive
agreement to merge with Freeport-McMoRan Copper & Gold Inc. ("FCX"). The
Reporting Persons believe that the terms of the proposed FCX transaction would
not provide full and fair value to the Issuer's shareholders and would deprive
them of their ability to maximize the return on their investment. The Reporting
Persons believe that the proposed FCX transaction offers few, if any, synergies
to the combined operation, and would use the Issuer's balance sheet to fund the
purchase in what is essentially a public recapitalization that would create
disproportionate value for FCX shareholders at the expense of the Issuer's
shareholders. In addition, the Reporting Persons believe there is unrecognized
long term value that the Issuer's shareholders would forego if they sold their
shares at FCX's proposed terms. Accordingly, the Reporting Persons currently
intend to vote against the proposed FCX transaction.
Except as set forth herein, or as would occur upon completion of any of the
actions discussed herein, the Reporting Persons have no present plan or proposal
that would relate to or result in any of the matters set forth in subparagraphs
(a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to review their
investment in the Issuer on a continuing basis and may engage in discussions
with management, the Board of Directors, other shareholders of the Issuer and
other relevant parties concerning the proposed FCX transaction and potentially
concerning other matters with respect to the Reporting Persons' investment in
the Common Stock, including, without limitation, the business, operations,
governance, management, strategy and future plans of the Issuer. Depending on
various factors, including, without limitation, the status of the proposed FCX
transaction and the apparent level of shareholder support therefor, the terms of
any alternative transactions that may be proposed, the Issuer's financial
position and strategic direction, the outcome of any discussions referenced
above, actions taken by the Board of Directors, price levels of the Common
Stock, other investment opportunities available to the Reporting Persons,
conditions in the securities market and general economic and industry
conditions, the Reporting Persons may in the future take such actions with
respect to their investment in the Issuer as they deem appropriate, including,
without limitation, purchasing additional Common Stock or selling some or all of
their shares of Common Stock, engaging in short selling of or any hedging or
similar transactions with respect to the Common Stock and/or otherwise changing
their intention with respect to any and all matters referred to in Item 4 of
Schedule 13D.
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 13 of 16 Pages
---------------------------- ----------------------------
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the close of business on December 7, 2006, the Reporting
Persons beneficially own an aggregate of 10,311,600 shares of Common Stock,
representing approximately 5.1% of the shares of Common Stock outstanding. The
percentages used herein are based upon the 203,988,751 shares of Common Stock
reported to be outstanding as of October 20, 2006 by the Issuer in its Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission on October
24, 2006.
Pursuant to investment management agreements, each of SAC Capital Advisors and
SAC Capital Management share investment and voting power with respect to the
9,381,400 shares of Common Stock, representing approximately 4.6% of the shares
of Common Stock outstanding, directly beneficially owned (which includes options
to acquire 6,672,500 shares of Common Stock) by SAC Capital Associates, SAC
Select, SAC MultiQuant and SAC Meridian. Accordingly, each of SAC Capital
Advisors and SAC Capital Management may be deemed, for purposes of Rule 13d-3
under the Act, to beneficially own the shares of Common Stock directly
beneficially owned by SAC Capital Associates, SAC Select, SAC MultiQuant and SAC
Meridian. Pursuant to an investment management agreement, CR Intrinsic Investors
maintains investment and voting power with respect to the 930,200 shares of
Common Stock, representing approximately 0.5% of the shares of Common Stock
outstanding, directly beneficially owned (which includes options to acquire
701,500 shares of Common Stock) by CR Intrinsic Investments. Accordingly, CR
Intrinsic Investors may be deemed, for purposes of Rule 13d-3 under the Act, to
beneficially own the shares of Common Stock directly beneficially owned by CR
Intrinsic Investments. CR Intrinsic Investments is a wholly-owned subsidiary of
SAC Capital Associates. Mr. Cohen controls each of SAC Capital Advisors, SAC
Capital Management and CR Intrinsic Investors. Accordingly, Mr. Cohen may be
deemed, for purposes of Rule 13d-3 under the Act, to beneficially own the
10,311,600 shares of Common Stock, representing approximately 5.1% of the shares
of Common Stock outstanding, directly beneficially owned (which includes options
to acquire 7,374,000 shares of Common Stock) by SAC Capital Associates, SAC
Select, SAC MultiQuant, SAC Meridian and CR Intrinsic Investors.
(b) None of the Reporting Persons has sole power to vote or direct the
vote or sole power to dispose or direct the disposition of shares of Common
Stock.
(i) SAC Capital Advisors has shared power to vote or direct the vote and shared
power to dispose or direct the disposition of 9,381,400 shares of Common Stock
(which includes options to acquire 6,672,500 shares of Common Stock),
constituting approximately 4.6% of such class of securities;
(ii) SAC Capital Management has shared power to vote or direct the vote and
shared power to dispose or direct the disposition of 9,381,400 shares of Common
Stock (which includes options to acquire 6,672,500 shares of Common Stock),
constituting approximately 4.6% of such class of securities;
(iii) SAC Capital Associates has shared power to vote or direct the vote and
shared power to dispose or direct the disposition of 8,938,700 shares of Common
Stock (which includes options to acquire 6,477,500 shares of Common Stock),
constituting approximately 4.4% of such class of securities;
(iv) SAC Select has shared power to vote or direct the vote and shared power to
dispose or direct the disposition of 411,700 shares of Common Stock (which
includes options to acquire 175,000 shares of Common Stock), constituting
approximately 0.2% of such class of securities;
(v) SAC MultiQuant has shared power to vote or direct the vote and shared power
to dispose or direct the disposition of 22,300 shares of Common Stock,
constituting approximately 0.2% of such class of securities;
(vi) SAC Meridian has shared power to vote or direct the vote and shared power
to dispose or direct the disposition of 8,700 shares of Common Stock,
constituting approximately 0.0% of such class of securities;
(vii) CR Intrinsic Investors has shared power to vote or direct the vote and
shared power to dispose or direct the disposition of 930,200 shares of Common
Stock (which includes options to acquire 701,500 shares of Common Stock),
constituting approximately 0.5% of such class of securities;
(viii) CR Intrinsic Investments has shared power to vote or direct the vote and
shared power to dispose or direct the disposition of 930,200 shares of Common
Stock (which includes options to acquire 701,500 shares of Common Stock),
constituting approximately 0.5% of such class of securities; and
(ix) Steven A. Cohen has shared power to vote or direct the vote and shared
power to dispose or direct the disposition of 10,311,600 shares of Common Stock
(which includes options to acquire 7,374,000 shares of Common Stock),
constituting approximately 5.1% of such class of securities.
(c) Information concerning transactions in the shares of Common Stock
effected by the Reporting Persons during the past sixty days is set forth in
Schedule A hereto and is incorporated herein by reference. Unless otherwise
noted, all of such transactions were effected in open market purchases through
various brokerage entities.
(d) No person other than SAC Capital Associates, SAC Capital Advisors,
SAC Capital Management and Steven A. Cohen is known to have the right to receive
or the power to direct the receipt of dividends from, or the proceeds from the
sale of, the shares of Common Stock directly beneficially owned by SAC Capital
Associates. No person other than SAC Select, SAC Capital Advisors, SAC Capital
Management and Steven A. Cohen is known to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the shares of Common Stock directly beneficially owned by SAC Select. No person
other than SAC MultiQuant, SAC Capital Advisors, SAC Capital Management and
Steven A. Cohen is known to have the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the shares of
Common Stock directly beneficially owned by SAC MultiQuant. No person other than
SAC Meridian, SAC Capital Advisors, SAC Capital Management and Steven A. Cohen
is known to have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the shares of Common Stock
directly beneficially owned by SAC Meridian. No person other than CR Intrinsic
Investments, CR Intrinsic Investors and Steven A. Cohen is known to have the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the shares of Common Stock directly beneficially
owned by CR Intrinsic Investments.
(e) Not applicable.
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 14 of 16 Pages
---------------------------- ----------------------------
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE COMPANY.
Other than as described herein, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) between the Reporting
Persons and any other person with respect to the securities of the Issuer.
As set forth in Schedule B, which is incorporated herein by reference, certain
of the Reporting Persons hold, as of the close of business on December 7, 2006,
options to acquire an aggregate of 7,374,000 shares of Common Stock. Unless
otherwise noted, such options were acquired on the open market. Such options are
included in the beneficial ownership amounts reported on this Schedule 13D.
The Reporting Persons may, from time to time, enter into and dispose of
cash-settled equity swap or other similar derivative transactions with one or
more counterparties that are based upon the value of shares of Common Stock,
which transactions may be significant in amount. The profit, loss and/or return
on such contracts may be wholly or partially dependent on the market value of
the shares of Common Stock, the relative value of shares of Common Stock in
comparison to one or more other financial instruments, indexes or securities, a
basket or group of securities in which shares of Common Stock may be included,
or a combination of any of the foregoing. In addition to the shares of Common
Stock that they beneficially own without reference to these contracts, the
Reporting Persons currently have long economic exposure to 1,000,000 shares of
Common Stock through such contracts. These contracts do not give the Reporting
Persons direct or indirect voting, investment or dispositive control over any
securities of the Issuer and do not require the counterparties thereto to
acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the
Reporting Persons disclaim any beneficial ownership in any securities that may
be referenced in such contracts or that may be held from time to time by any
counterparties to such contracts.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Exhibit A - Joint Filing Agreement
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 15 of 16 Pages
---------------------------- ----------------------------
SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 11, 2006
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. MULTIQUANT FUND, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. MERIDIAN FUND, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. SELECT FUND, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTORS, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTMENTS, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 16 of 16 Pages
---------------------------- ----------------------------
EXHIBIT INDEX
1. Exhibit A - Joint Filing Agreement
SCHEDULE A
SIXTY DAY TRADING HISTORY
Quantity
Purchased Daily Daily Daily
Reporting Person Date (Sold) Avg. Price($) Min. Price($) Max. Price($)
SAC Capital Associates 10/04/06 (410,000) 77.89 76.75 81.00
SAC Capital Associates 10/04/06 447,484 78.57 76.56 80.95
SAC Capital Associates 10/05/06 (281,287) 81.85 80.50 82.94
SAC Capital Associates 10/05/06 170,003 82.50 81.85 82.95
SAC Capital Associates 10/06/06 (46,700) 83.93 83.35 84.60
SAC Capital Associates 10/06/06 160,283 83.68 82.30 84.73
SAC Capital Associates 10/09/06 (301,083) 86.66 85.65 87.46
SAC Capital Associates 10/09/06 105,000 85.76 85.44 86.24
SAC Capital Associates 10/10/06 (85,500) 86.51 85.95 87.57
SAC Capital Associates 10/10/06 175,000 86.70 84.50 87.79
SAC Capital Associates 10/11/06 (56,600) 90.15 87.90 91.17
SAC Capital Associates 10/11/06 264,100 90.16 87.61 91.80
SAC Capital Associates 10/12/06 (123,700) 91.43 90.12 92.82
SAC Capital Associates 10/12/06 10,000 91.08 90.30 91.40
SAC Capital Associates 10/13/06 (73,440) 94.89 93.47 95.62
SAC Capital Associates 10/13/06 344,200 95.04 93.99 95.28
SAC Capital Associates 10/16/06 (167,600) 96.57 96.34 96.90
SAC Capital Associates 10/16/06 86,040 94.93 93.86 96.68
SAC Capital Associates 10/17/06 (60,000) 95.92 95.75 96.52
SAC Capital Associates 10/17/06 56,900 95.94 95.02 97.71
SAC Capital Associates 10/18/06 128,100 96.25 95.92 96.51
SAC Capital Associates 10/19/06 (85,000) 97.74 96.89 98.27
SAC Capital Associates 10/19/06 49,106 97.67 96.42 97.97
SAC Capital Associates 10/20/06 (10,000) 99.49 99.27 99.64
SAC Capital Associates 10/20/06 62,394 99.00 98.37 100.20
SAC Capital Associates 10/23/06 35,900 98.23 97.59 99.05
SAC Capital Associates 10/24/06 (215,000) 97.09 96.78 97.57
SAC Capital Associates 10/24/06 164,100 97.25 94.84 97.92
SAC Capital Associates 10/25/06 (838,500) 99.83 97.57 100.61
SAC Capital Associates 10/25/06 1,059,500 98.69 97.57 99.58
SAC Capital Associates 10/26/06 (115,900) 99.67 98.26 100.21
SAC Capital Associates 10/26/06 55,700 98.77 98.57 99.18
SAC Capital Associates 10/27/06 (27,500) 100.28 99.84 100.80
SAC Capital Associates 10/27/06 144,600 99.99 98.90 100.43
SAC Capital Associates 10/30/06 (19,500) 99.49 99.22 99.79
SAC Capital Associates 10/30/06 101,500 98.58 97.87 99.39
SAC Capital Associates 10/31/06 (24,000) 99.40 99.30 99.45
SAC Capital Associates 10/31/06 237,652 98.32 97.89 99.01
SAC Capital Associates 11/01/06 (1,051,000) 99.00 95.85 101.25
SAC Capital Associates 11/01/06 35,700 97.38 95.77 99.16
SAC Capital Associates 11/02/06 (89,750) 97.62 96.63 98.09
SAC Capital Associates 11/02/06 30,000 96.86 96.28 97.26
SAC Capital Associates 11/03/06 (82,255) 99.15 98.52 99.40
SAC Capital Associates 11/03/06 17,901 99.44 99.03 99.65
SAC Capital Associates 11/06/06 (70,000) 102.15 101.88 102.55
SAC Capital Associates 11/06/06 13,700 102.00 100.44 102.51
SAC Capital Associates 11/07/06 (144,163) 101.70 101.10 103.50
SAC Capital Associates 11/07/06 16,800 101.30 100.85 103.29
SAC Capital Associates 11/08/06 (16,300) 99.22 99.15 99.32
SAC Capital Associates 11/08/06 276,500 98.56 97.72 99.36
SAC Capital Associates 11/09/06 (263,000) 100.83 99.10 101.68
SAC Capital Associates 11/09/06 370,000 100.65 99.29 101.86
SAC Capital Associates 11/10/06 (17,000) 98.96 95.67 99.48
SAC Capital Associates 11/10/06 126,700 96.83 95.45 99.35
SAC Capital Associates 11/13/06 (122,343) 94.90 92.91 96.37
SAC Capital Associates 11/13/06 162,143 93.34 92.64 96.05
SAC Capital Associates 11/14/06 (1,479,100) 94.92 0.14 97.20
SAC Capital Associates 11/14/06 1,519,000 95.10 0.00 96.55
SAC Capital Associates 11/15/06 (22,325) 95.41 94.28 97.26
SAC Capital Associates 11/15/06 54,525 96.31 94.31 97.56
SAC Capital Associates 11/16/06 (30,300) 97.35 94.74 97.96
SAC Capital Associates 11/16/06 58,000 95.98 94.96 98.14
SAC Capital Associates 11/17/06 (38,600) 94.10 93.91 95.44
SAC Capital Associates 11/17/06 261,303 95.14 93.35 95.88
SAC Capital Associates 11/20/06 (80,500) 121.49 121.05 121.90
SAC Capital Associates 11/20/06 475,397 121.57 120.13 123.42
SAC Capital Associates 11/21/06 (58,600) 116.28 116.09 119.66
SAC Capital Associates 11/21/06 153,000 118.50 116.74 120.19
SAC Capital Associates 11/22/06 (275,000) 117.75 117.75 117.75
SAC Capital Associates 11/22/06 590,300 118.46 117.75 119.15
CR Intrinsic Investments 10/25/06 150,000 99.14 98.72 99.58
CR Intrinsic Investments 10/27/06 49,950 100.22 99.83 100.60
CR Intrinsic Investments 10/30/06 50 100.00 100.00 100.00
CR Intrinsic Investments 11/07/06 (21,300) 102.35 101.50 103.49
CR Intrinsic Investments 11/10/06 (60,000) 97.68 97.50 98.30
CR Intrinsic Investments 11/14/06 (128,700) 0.14 0.14 0.14
CR Intrinsic Investments 11/14/06 128,700 0.00 0.00 0.00
CR Intrinsic Investments 11/20/06 100,000 122.55 122.45 122.65
SAC Meridian Fund 10/04/06 (600) 80.52 80.27 80.84
SAC Meridian Fund 10/04/06 3,500 77.88 76.80 79.02
SAC Meridian Fund 10/05/06 (1,400) 81.37 80.50 82.76
SAC Meridian Fund 10/05/06 400 81.98 81.27 82.76
SAC Meridian Fund 10/06/06 (1,800) 84.04 83.31 84.56
SAC Meridian Fund 10/06/06 1,300 84.20 83.75 84.74
SAC Meridian Fund 10/09/06 (6,100) 86.75 85.65 87.30
SAC Meridian Fund 10/09/06 1,100 86.20 85.38 87.19
SAC Meridian Fund 10/10/06 (2,500) 86.76 85.02 87.78
SAC Meridian Fund 10/10/06 900 85.68 84.53 87.01
SAC Meridian Fund 10/11/06 (2,300) 89.38 87.78 90.84
SAC Meridian Fund 10/11/06 900 89.55 87.78 90.84
SAC Meridian Fund 10/12/06 (4,700) 92.24 90.96 93.21
SAC Meridian Fund 10/12/06 800 90.55 90.31 90.85
SAC Meridian Fund 10/13/06 (2,400) 94.39 93.44 95.35
SAC Meridian Fund 10/13/06 1,800 93.70 93.33 94.83
SAC Meridian Fund 10/16/06 (200) 96.71 96.71 96.71
SAC Meridian Fund 10/16/06 2,300 95.88 94.10 96.69
SAC Meridian Fund 10/17/06 (2,000) 97.23 95.18 98.07
SAC Meridian Fund 10/17/06 100 95.24 95.24 95.24
SAC Meridian Fund 10/18/06 (4,700) 96.90 95.81 98.60
SAC Meridian Fund 10/18/06 4,000 97.51 96.38 98.64
SAC Meridian Fund 10/19/06 (600) 98.03 97.97 98.20
SAC Meridian Fund 10/19/06 2,100 97.45 95.76 98.05
SAC Meridian Fund 10/20/06 (3,900) 99.23 98.66 99.97
SAC Meridian Fund 10/20/06 900 99.32 98.79 99.97
SAC Meridian Fund 10/23/06 (400) 98.89 97.85 99.46
SAC Meridian Fund 10/23/06 900 98.52 97.77 99.03
SAC Meridian Fund 10/24/06 (1,100) 97.26 96.97 97.57
SAC Meridian Fund 10/24/06 5,900 97.37 96.94 98.06
SAC Meridian Fund 10/25/06 (2,400) 99.31 98.64 100.00
SAC Meridian Fund 10/25/06 1,500 98.42 96.85 99.40
SAC Meridian Fund 10/26/06 (900) 99.80 98.83 100.30
SAC Meridian Fund 10/26/06 1,500 99.43 98.58 100.19
SAC Meridian Fund 10/27/06 (1,800) 99.95 98.50 100.58
SAC Meridian Fund 10/27/06 1,600 100.44 99.45 101.24
SAC Meridian Fund 10/30/06 (700) 98.83 98.36 99.29
SAC Meridian Fund 10/30/06 700 99.00 98.12 99.89
SAC Meridian Fund 10/31/06 (1,300) 99.18 97.55 100.38
SAC Meridian Fund 10/31/06 1,900 98.61 97.55 100.24
SAC Meridian Fund 11/01/06 (1,900) 97.03 96.24 98.57
SAC Meridian Fund 11/01/06 4,300 97.71 96.18 100.85
SAC Meridian Fund 11/02/06 (4,600) 97.18 96.31 97.92
SAC Meridian Fund 11/02/06 3,400 97.49 96.95 98.12
SAC Meridian Fund 11/03/06 (900) 98.67 98.51 98.81
SAC Meridian Fund 11/03/06 3,200 99.21 98.82 99.57
SAC Meridian Fund 11/06/06 (900) 101.36 99.95 102.19
SAC Meridian Fund 11/06/06 1,300 100.39 99.10 101.73
SAC Meridian Fund 11/07/06 (2,900) 102.19 100.57 103.35
SAC Meridian Fund 11/07/06 400 101.79 101.23 103.46
SAC Meridian Fund 11/08/06 (1,000) 99.10 98.66 99.65
SAC Meridian Fund 11/08/06 16,600 99.01 97.88 99.69
SAC Meridian Fund 11/09/06 (2,200) 100.35 98.79 101.23
SAC Meridian Fund 11/09/06 2,200 99.42 98.94 101.20
SAC Meridian Fund 11/10/06 (5,000) 96.74 95.99 97.79
SAC Meridian Fund 11/10/06 900 98.88 98.44 99.00
SAC Meridian Fund 11/13/06 (200) 97.02 97.02 97.02
SAC Meridian Fund 11/13/06 3,600 94.02 92.91 97.13
SAC Meridian Fund 11/14/06 (6,300) 95.99 95.30 97.03
SAC Meridian Fund 11/14/06 900 97.28 97.10 97.59
SAC Meridian Fund 11/15/06 (500) 96.14 95.81 96.74
SAC Meridian Fund 11/15/06 1,700 96.18 95.45 96.68
SAC Meridian Fund 11/16/06 (1,200) 96.87 94.83 97.93
SAC Meridian Fund 11/16/06 1,900 95.84 94.88 97.77
SAC Meridian Fund 11/17/06 (1,900) 94.35 93.35 95.02
SAC Meridian Fund 11/17/06 1,700 94.79 93.35 95.36
SAC Meridian Fund 11/20/06 (7,100) 122.11 121.29 122.90
SAC Meridian Fund 11/20/06 9,500 121.35 120.21 122.90
SAC Meridian Fund 11/21/06 (6,600) 118.78 116.50 120.00
SAC Meridian Fund 11/21/06 9,900 118.79 117.51 120.00
SAC Meridian Fund 11/22/06 (400) 118.26 118.01 118.50
SAC Meridian Fund 11/22/06 2,500 118.50 118.13 118.72
SAC MultiQuant Fund 10/04/06 10,800 77.66 76.90 80.05
SAC MultiQuant Fund 10/05/06 (3,300) 82.32 82.01 82.65
SAC MultiQuant Fund 10/06/06 600 83.93 83.84 83.98
SAC MultiQuant Fund 10/09/06 1,100 85.63 85.51 85.91
SAC MultiQuant Fund 10/10/06 (1,600) 87.56 87.28 87.83
SAC MultiQuant Fund 10/10/06 1,800 86.53 86.10 87.01
SAC MultiQuant Fund 10/11/06 (11,100) 90.37 90.16 90.61
SAC MultiQuant Fund 10/12/06 (46,400) 92.07 90.84 92.78
SAC MultiQuant Fund 10/12/06 11,000 92.46 92.17 93.04
SAC MultiQuant Fund 10/13/06 (3,400) 94.41 94.04 95.15
SAC MultiQuant Fund 10/16/06 (40,400) 96.37 94.26 96.85
SAC MultiQuant Fund 10/17/06 3,000 95.67 95.16 96.67
SAC MultiQuant Fund 10/18/06 100 96.46 96.46 96.46
SAC MultiQuant Fund 10/19/06 (1,500) 97.91 97.70 98.13
SAC MultiQuant Fund 10/20/06 (23,700) 99.04 98.33 99.52
SAC MultiQuant Fund 10/23/06 2,300 99.22 98.36 99.40
SAC MultiQuant Fund 10/24/06 12,200 97.32 96.88 97.89
SAC MultiQuant Fund 10/25/06 (5,400) 99.91 98.94 100.38
SAC MultiQuant Fund 10/25/06 800 98.62 98.54 98.75
SAC MultiQuant Fund 10/26/06 (176,900) 98.65 98.25 98.88
SAC MultiQuant Fund 10/27/06 (3,200) 100.62 99.75 101.27
SAC MultiQuant Fund 10/27/06 64,600 98.70 98.70 98.70
SAC MultiQuant Fund 10/30/06 800 98.24 98.14 98.33
SAC MultiQuant Fund 10/31/06 142,500 98.12 98.12 98.12
SAC MultiQuant Fund 11/01/06 (1,100) 98.25 96.64 99.67
SAC MultiQuant Fund 11/01/06 2,000 96.15 96.00 96.40
SAC MultiQuant Fund 11/02/06 (58,600) 96.27 96.27 96.27
SAC MultiQuant Fund 11/02/06 4,200 97.66 97.05 98.08
SAC MultiQuant Fund 11/03/06 38,000 98.92 97.87 99.57
SAC MultiQuant Fund 11/07/06 (100) 101.88 101.88 101.88
SAC MultiQuant Fund 11/07/06 100 101.85 101.85 101.85
SAC MultiQuant Fund 11/08/06 (500) 98.61 98.50 98.70
SAC MultiQuant Fund 11/08/06 500 97.94 97.68 98.08
SAC MultiQuant Fund 11/13/06 8,800 96.70 96.70 96.70
SAC MultiQuant Fund 11/14/06 (104,500) 0.14 0.14 0.14
SAC MultiQuant Fund 11/14/06 104,500 0.00 0.00 0.00
SAC MultiQuant Fund 11/15/06 (15,800) 96.10 96.10 96.10
SAC MultiQuant Fund 11/17/06 (1,600) 94.54 93.91 95.00
SAC MultiQuant Fund 11/17/06 1,600 95.06 94.77 95.42
SAC MultiQuant Fund 11/20/06 (92,000) 95.02 95.02 95.02
SAC MultiQuant Fund 11/21/06 (67,300) 120.47 120.47 120.47
SAC Select Fund 10/04/06 (38,600) 77.49 76.66 77.98
SAC Select Fund 10/04/06 38,600 77.56 77.25 78.11
SAC Select Fund 10/05/06 (12,300) 82.01 81.94 82.09
SAC Select Fund 10/05/06 12,300 82.69 82.60 82.77
SAC Select Fund 10/09/06 (21,000) 85.68 85.50 85.80
SAC Select Fund 10/10/06 (5,300) 85.05 85.00 85.15
SAC Select Fund 10/10/06 26,300 85.64 85.53 85.73
SAC Select Fund 10/25/06 33,800 98.59 98.52 98.85
SAC Select Fund 10/26/06 6,700 100.43 100.40 100.44
SAC Select Fund 10/27/06 9,700 100.25 100.21 100.27
SAC Select Fund 10/30/06 (193,300) 100.58 100.58 100.58
SAC Select Fund 10/30/06 197,100 99.82 99.07 100.58
SAC Select Fund 10/31/06 7,200 98.39 98.25 98.54
SAC Select Fund 11/01/06 (7,200) 100.39 100.33 100.44
SAC Select Fund 11/02/06 3,500 97.69 97.04 98.05
SAC Select Fund 11/03/06 (3,500) 99.10 99.02 99.20
SAC Select Fund 11/07/06 (11,800) 100.89 100.54 101.22
SAC Select Fund 11/08/06 27,000 98.54 97.98 99.74
SAC Select Fund 11/09/06 (56,000) 100.18 98.78 101.08
SAC Select Fund 11/09/06 35,000 101.50 101.11 101.69
SAC Select Fund 11/10/06 (13,500) 97.01 97.00 97.10
SAC Select Fund 11/13/06 (26,300) 94.85 94.78 94.91
SAC Select Fund 11/13/06 26,300 93.75 92.77 94.25
SAC Select Fund 11/14/06 (34,700) 0.14 0.14 0.14
SAC Select Fund 11/14/06 34,700 0.00 0.00 0.00
SAC Select Fund 11/16/06 9,300 95.13 94.94 95.17
SAC Select Fund 11/17/06 (9,300) 93.95 93.77 94.10
SAC Select Fund 11/17/06 61,300 94.96 94.15 95.61
SAC Select Fund 11/20/06 140,700 122.06 120.93 123.02
SCHEDULE B
OPTIONS HELD BY THE REPORTING PERSONS
TO ACQUIRE SHARES OF COMMON STOCK
The following tables set forth certain information as of the close of business
on December 7, 2006 regarding options held by the Reporting Persons to acquire
shares of Common Stock:
SAC Capital Associates
Shares
Date of Underlying Exercise Price Purchase Price
Purchase Options per Share ($) Expiration Date per Option ($)
-------------------------------------------------------------------------------
11/20/06 125,000 125 01/20/07 03.57
11/20/06 20,000 125 01/20/07 03.60
11/20/06 30,000 125 01/20/07 03.70
11/20/06 30,000 125 01/20/07 03.80
11/20/06 375,000 125 01/20/07 03.89
11/20/06 22,000 125 01/20/07 03.90
11/20/06 78,000 125 01/20/07 04.00
11/20/06 20,000 125 01/20/07 04.10
11/21/06 50,000 120 01/20/07 04.50
11/21/06 150,000 120 01/20/07 04.79
11/21/06 1,500 120 01/20/07 05.00
11/22/06 18,000 100 04/21/07 21.70
11/22/06 36,100 100 04/21/07 21.80
11/22/06 17,000 100 04/21/07 21.90
11/22/06 20,000 100 04/21/07 22.20
11/22/06 8,400 100 04/21/07 22.30
11/22/06 30,000 100 04/21/07 22.50
11/22/06 250,000 100 04/21/07 22.70
11/22/06 400,000 100 04/21/07 22.74
11/22/06 45,500 100 04/21/07 23.00
11/22/06 35,000 100 04/21/07 23.10
11/22/06 1,000 100 04/21/07 23.20
11/22/06 100,000 100 04/21/07 23.30
11/22/06 2,400 100 04/21/07 23.70
11/22/06 200 100 04/21/07 23.80
11/22/06 5,000 100 04/21/07 24.00
11/22/06 1,000 100 04/21/07 24.20
11/22/06 6,400 100 04/21/07 24.30
11/22/06 24,000 100 04/21/07 24.60
11/28/06 5,000 110 04/21/07 17.90
11/28/06 2,500 110 04/21/07 18.10
11/28/06 1,500 110 04/21/07 18.20
11/28/06 6,000 110 04/21/07 18.30
11/28/06 70,000 110 04/21/07 18.50
11/28/06 300 100 01/20/07 23.30
11/28/06 72,500 100 01/20/07 23.40
11/28/06 176,400 100 01/20/07 23.50
11/28/06 124,900 100 01/20/07 23.60
11/29/06 3,000 100 01/20/07 24.60
11/28/06 71,100 100 01/20/07 23.70
11/28/06 9,000 100 01/20/07 23.80
11/28/06 105,000 100 04/21/07 25.90
11/28/06 517,000 100 04/21/07 26.00
11/28/06 2,500 100 04/21/07 26.10
11/28/06 2,500 100 04/21/07 26.30
11/28/06 225,000 100 04/21/07 26.40
11/28/06 24,000 95 01/20/07 27.90
11/28/06 54,000 95 01/20/07 28.00
11/28/06 85,000 95 01/20/07 28.10
11/28/06 97,000 95 01/20/07 28.20
11/28/06 10,000 95 01/20/07 28.30
11/28/06 60,000 95 01/20/07 28.40
11/28/06 15,000 90 01/20/07 32.40
11/28/06 12,500 90 01/20/07 32.60
11/28/06 25,500 90 01/20/07 32.70
11/28/06 5,500 90 01/20/07 32.80
11/29/06 10,000 110 04/21/07 17.60
11/29/06 50,000 110 04/21/07 19.00
11/29/06 1,000 110 04/21/07 19.20
11/29/06 20,000 105 04/21/07 21.70
11/29/06 30,000 105 04/21/07 21.90
11/29/06 5,000 100 01/20/07 23.10
11/29/06 10,000 100 01/20/07 23.20
11/29/06 25,000 100 01/20/07 23.40
11/29/06 10,000 100 01/20/07 23.50
11/29/06 10,800 100 01/20/07 23.60
11/29/06 10,000 100 04/21/07 25.60
11/29/06 10,000 100 04/21/07 25.70
11/29/06 30,100 100 04/21/07 25.80
11/29/06 27,900 100 04/21/07 25.90
11/29/06 55,400 100 04/21/07 26.00
11/29/06 68,300 100 04/21/07 26.10
11/29/06 7,100 100 04/21/07 26.20
11/30/06 60,000 110 04/21/07 19.90
11/30/06 5,000 100 01/20/07 23.90
11/30/06 4,500 105 04/21/07 23.90
11/30/06 25,000 105 04/21/07 24.00
11/30/06 10,000 100 01/20/07 24.20
11/30/06 5,000 100 01/20/07 24.30
11/30/06 39,500 100 01/20/07 24.40
11/30/06 50,000 100 01/20/07 25.00
11/30/06 24,000 100 01/20/07 25.20
11/30/06 55,700 100 01/20/07 25.30
11/30/06 62,700 100 01/20/07 25.40
11/30/06 40,000 100 01/20/07 25.50
11/30/06 15,100 100 01/20/07 25.60
11/30/06 10,000 100 04/21/07 26.40
11/30/06 24,200 100 04/21/07 26.70
11/30/06 100,000 100 04/21/07 27.00
11/30/06 110,000 100 04/21/07 27.20
11/30/06 162,200 100 04/21/07 27.90
11/30/06 217,000 100 04/21/07 28.00
11/30/06 226,000 100 04/21/07 28.10
11/30/06 75,000 100 04/21/07 28.19
11/30/06 149,600 100 04/21/07 28.20
12/01/06 10,000 110 04/21/07 19.30
12/01/06 10,000 105 04/21/07 23.20
12/01/06 6,400 100 04/21/07 27.10
12/01/06 122,200 100 04/21/07 27.20
12/01/06 10,900 100 04/21/07 27.30
12/01/06 321,200 100 04/21/07 27.40
12/01/06 41,100 100 04/21/07 27.50
12/01/06 50,000 100 04/21/07 27.60
12/04/06 12,500 100 04/21/07 26.20
12/04/06 2,500 100 04/21/07 26.30
12/04/06 8,400 100 04/21/07 26.40
12/04/06 7,500 100 04/21/07 26.50
12/04/06 24,400 100 04/21/07 26.60
12/04/06 10,000 100 04/21/07 26.70
12/04/06 10,000 100 04/21/07 26.80
12/04/06 6,700 100 04/21/07 26.90
12/05/06 4,000 110 04/21/07 19.10
12/05/06 5,000 105 04/21/07 22.20
12/05/06 2,500 105 04/21/07 22.30
12/05/06 5,000 105 04/21/07 22.40
12/05/06 2,500 105 04/21/07 22.80
12/05/06 500 105 04/21/07 23.00
12/05/06 2,000 100 04/21/07 26.40
12/05/06 6,500 100 04/21/07 26.50
12/05/06 2,800 100 04/21/07 26.60
12/05/06 14,700 100 04/21/07 26.70
12/05/06 1,500 100 04/21/07 26.80
12/05/06 2,500 100 04/21/07 26.90
12/05/06 1,400 100 04/21/07 27.00
12/06/06 250,000 100 04/21/07 25.70
12/06/06 2,500 100 04/21/07 26.30
12/06/06 5,000 100 04/21/07 26.60
SAC Select Fund
Shares
Date of Underlying Exercise Price Purchase Price
Purchase Options per Share ($) Expiration Date per Option ($)
-------------------------------------------------------------------------------
11/20/06 175,000 125 1/20/07 3.89
CR Intrinsic Investments
Shares
Date of Underlying Exercise Price Purchase Price
Purchase Options per Share ($) Expiration Date per Option ($)
-------------------------------------------------------------------------------
11/20/06 125,000 125 1/20/07 3.57
11/20/06 375,000 125 1/20/07 3.89
11/21/06 150,000 120 1/20/07 4.79
11/21/06 50,000 120 1/20/07 4.50
11/21/06 1,500 120 1/20/07 5.00