Phelps Dodge hands back $1500 million to shareholders

Phoenix, Arizona — Phelps Dodge Corp., owners of Carbon black supplier, Columbian Chemicals Co. has announced a program to spend £1500 million on its shareholders in a bid to boost its share price.

In the first phase of the plan, the company will issue a special dividend of $5.00 per common share, or approximately $500 million, payable on Dec. 2, 2005, to common shareholders of record at the close of business on Nov. 16, 2005.$1.5 billion in capital to them by the end of 2006.

In the…

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