Rejected

Phelps Dodge rejected calls by hedge-fund manager Atticus Capital LLC to add debt to its books to pay for further share repurchases, a proposal it called "reckless." Phelps Dodge, has said its been authorized to return $900 million to shareholders & is committed to returning another $600 million by the end of 2006. Atticus, holds nearly 10% of the Phelps Dodge, and have filed a letter with the Securities and Exchange Commission calling on Phelps Dodge to return money to shareholders through dividends or buybacks.