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. 1)*
Phelps Dodge Corporation
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $6.25 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
717265102
--------------------------------------------------------------------------------
(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 20, 2007
--------------------------------------------------------------------------------
(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 17 pages)
-----------------------
* 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 17 Pages
---------------------------- ----------------------------
--------------------------------------------------------------------------------
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 8,167,600
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,167,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,167,600
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 3 of 17 Pages
---------------------------- ----------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, 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 8,167,600
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,167,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,167,600
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 4 of 17 Pages
---------------------------- ----------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Associates, 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 7,922,200
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,922,200
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,922,200
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 5 of 17 Pages
---------------------------- ----------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
S.A.C. Select Fund, 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 236,700
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
236,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
236,700
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 6 of 17 Pages
---------------------------- ----------------------------
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 7 of 17 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
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 8 of 17 Pages
---------------------------- ----------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, 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 228,700
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
228,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
228,700
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 9 of 17 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 228,700
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
228,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
228,700
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 10 of 17 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
--------------------------------------------------------------------------------
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 8,396,300
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,396,300
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,396,300
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
--------------------------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 11 of 17 Pages
---------------------------- ----------------------------
The Schedule 13D filed on December 11, 2006 by S.A.C. Capital Advisors, LLC
("SAC Capital Advisors"), S.A.C. Capital Management, LLC ("SAC Capital
Management"), 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"),
S.A.C. Meridian Fund, LLC ("SAC Meridian"), CR Intrinsic Investors, LLC ("CR
Intrinsic Investors"), CR Intrinsic Investments, LLC ("CR Intrinsic
Investments"), and Steven A. Cohen (collectively, the "Reporting Persons"),
relating 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"), is
hereby amended as set forth below by this Amendment No. 1 to the Schedule 13D.
As the Reporting Persons no longer beneficially own, in the aggregate, greater
than 5% of the shares of Common Stock outstanding, this Amendment No. 1
constitutes an "exit filing" and the Reporting Persons do not intend to file any
further updates or amendments to the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Schedule 13D is hereby amended and restated as follows:
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
$556,820,000 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
Item 4 of the Schedule 13D is hereby amended by the addition of the following
immediately following the penultimate paragraph thereof:
On January 20, 2007, option contracts on 1,778,000 shares of Common Stock held
by certain of the Reporting Persons, which were previously reported, expired
"out-of-the-money" pursuant to their terms. The Reporting Persons' have not
changed their intention to vote against the proposed FCX transaction, as
previously reported.
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 12 of 17 Pages
---------------------------- ----------------------------
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Paragraphs (a) through (c) and (e) of Item 5 of the Schedule 13D are hereby
amended and restated as follows:
(a) As of the close of business on January 22, 2007, the Reporting
Persons beneficially own an aggregate of 8,396,300 shares of Common Stock,
representing approximately 4.1% 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
8,167,600 shares of Common Stock, representing approximately 4.0% of the shares
of Common Stock outstanding, directly beneficially owned (which includes options
to acquire 4,382,500 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 228,700 shares of
Common Stock, representing approximately 0.1% of the shares of Common Stock
outstanding, directly beneficially owned 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 8,396,300 shares of Common Stock, representing
approximately 4.1% of the shares of Common Stock outstanding, directly
beneficially owned (which includes options to acquire 4,382,500 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 8,167,600 shares of Common Stock
(which includes options to acquire 4,382,500 shares of Common Stock),
constituting approximately 4.0% 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 8,167,600 shares of Common
Stock (which includes options to acquire 4,382,500 shares of Common Stock),
constituting approximately 4.0% 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 7,922,200 shares of Common
Stock (which includes options to acquire 4,382,500 shares of Common Stock),
constituting approximately 3.9% 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 236,700 shares of Common Stock,
constituting approximately 0.1% 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 0 shares of Common Stock, constituting
approximately 0.0% 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 228,700 shares of Common
Stock, constituting approximately 0.1% 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 228,700 shares of Common
Stock, constituting approximately 0.1% 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 8,396,300 shares of Common Stock
(which includes options to acquire 4,382,500 shares of Common Stock),
constituting approximately 4.1% of such class of securities.
(c) Information concerning transactions in the shares of Common Stock
effected by the Reporting Persons since the most recent filing on Schedule 13D
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.
(e) January 20, 2007.
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 13 of 17 Pages
---------------------------- ----------------------------
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE COMPANY.
The second and third paragraphs of Item 6 of the Schedule 13D are hereby amended
and restated as follows:
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 January 22, 2007,
options to acquire an aggregate of 4,382,500 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.
As set forth in Schedule C, which is incorporated herein by reference, certain
of the Reporting Persons wrote call options with respect to an aggregate of
795,800 shares of Common Stock as of the close of business on January 22, 2007.
Unless otherwise noted, such call option transactions were on the open market.
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 no long or short economic exposure to shares of
Common Stock through such contracts. Such contracts would not give the Reporting
Persons direct or indirect voting, investment or dispositive control over any
securities of the Issuer and would 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 any such contracts entered into in the future or that may be
held from time to time by any counterparties to such contracts.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 of the Schedule 13D is hereby amended and restated as follows:
1. Exhibit A - Joint Filing Agreement (previously filed)
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 14 of 17 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: January 22, 2007
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 15 of 17 Pages
---------------------------- ----------------------------
SCHEDULE A
TRADING HISTORY
Quantity
Purchased Daily Daily Daily
Reporting Person Date (Sold) Avg. Price($) Min. Price($) Max. Price($)
SAC Capital Associates 12/12/06 (30,000) 122.54 122.54 122.54
SAC Capital Associates 1/04/07 (75,000) 115.37 115.37 115.37
SAC MultiQuant Fund 1/04/07 (22,300) 115.58 114.92 119.66
SAC Capital Associates 1/10/07 (10,000) 117.07 117.07 117.07
SAC Capital Associates 1/19/07 1,213,500* 98.36 90.00 100.00
* Acquired pursuant to an option exercise.
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 16 of 17 Pages
---------------------------- ----------------------------
SCHEDULE B
OPTIONS HELD BY THE REPORTING PERSONS
TO ACQUIRE SHARES OF COMMON STOCK
The following table sets forth certain information as of the close of business
on January 22, 2007 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 ($) Expiration Date per Option ($)
-------------------------------------------------------------------------------
11/22/06 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
11/28/06 105,000 100 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
11/29/06 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 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 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 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
---------------------------- ----------------------------
CUSIP No. 717265102 SCHEDULE 13D Page 17 of 17 Pages
---------------------------- ----------------------------
SCHEDULE C
CALL OPTIONS WRITTEN BY THE REPORTING PERSONS
WITH RESPECT TO SHARES OF COMMON STOCK
The following table sets forth certain information as of the close of business
on January 22, 2007 regarding call options written by the Reporting Persons with
respect to shares of Common Stock:
SAC Capital Associates
Shares
Date of Underlying Exercise Price Sale Price
Writing Options per Share ($) Expiration Date per Option
($)
--------------------------------------------------------------------------------
01/05/07 7,000 120 04/21/07 4.70
01/05/07 16,800 120 04/21/07 4.80
01/05/07 12,100 120 04/21/07 4.90
01/05/07 14,500 120 04/21/07 5.00
01/05/07 5,000 120 04/21/07 5.10
01/08/07 56,000 120 04/21/07 4.90
01/08/07 24,000 120 04/21/07 5.00
01/11/07 22,100 120 04/21/07 4.90
01/11/07 30,800 120 04/21/07 5.10
01/11/07 1,000 120 04/21/07 5.20
01/11/07 70,700 120 04/21/07 5.40
01/11/07 22,000 120 04/21/07 5.45
01/11/07 3,000 120 04/21/07 5.70
01/12/07 4,200 120 04/21/07 5.10
01/12/07 10,000 120 04/21/07 5.20
01/12/07 15,000 120 04/21/07 5.30
01/12/07 300 120 04/21/07 5.40
01/12/07 1,500 120 04/21/07 5.60
01/12/07 5,000 120 04/21/07 5.70
01/12/07 2,500 120 04/21/07 5.80
01/16/07 10,000 120 04/21/07 4.10
01/16/07 250,000 120 04/21/07 4.20
01/16/07 1,200 120 04/21/07 4.30
01/17/07 50,000 120 04/21/07 3.50
01/17/07 50,000 120 04/21/07 4.20
01/17/07 111,100 120 02/17/07 1.90