SAC Capital May Block Freeport Energy Deal

SAC Capital’s unit CR Intrinsic has sent a letter to the board of Plains Exploration & Production Company (NYSE:PXP) stating that it will vote against an acquisition bid from Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX). The hedge fund unit says that the deal undervalues the company according to its own analysis. The story was originally reported by Reuters earlier today.

SAC Capital’s CR Intrinsic Outstanding Shares

SAC Capital unit CR Intrinsic, which manages about 3.8 percent of the outstanding shares in Plains Exploration & Production Company (NYSE:PXP), said any objection coming from one of the world’s...