<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A/1/
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4)*
REYNOLDS METALS COMPANY
------------------------------------------------------------
(Name of issuer)
COMMON STOCK, no par value
------------------------------------------------------------
(Title of class of securities)
761763 101
---------------------------------------------
(CUSIP number)
Highfields Capital Management LP
Attention: Kenneth H. Colburn
200 Clarendon Street
51st Floor
Boston, MA 02117
(617) 850-7570
------------------------------------------------------------
(Name, address and telephone number of person authorized to
receive notices and communications)
January 21, 2000
------------------------------------------------------------
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
(Continued on the following pages)
(Page 1 of 11 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 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act.
- --------------------
/1/ This Schedule 13D/A amends the Schedule 13 filed by Highfields Capital
Management LP, Highfields GP LLC, Jonathon S. Jacobson and Richard L.
Grubman on March 17, 1999, as amended. This Schedule 13D/A is the first
Schedule 13D filing of Highfields Capital Ltd. with respect to the Issuer.
<PAGE>
SCHEDULE 13D/A
- ----------------------- ---------------------
CUSIP No. 761763 101 PAGE 2 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Highfields Capital Management LP
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 4,893,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 4,893,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
4,893,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
7.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
PN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D/A
- ----------------------- ---------------------
CUSIP No. 761763 101 PAGE 3 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Highfields GP LLC
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
AF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 4,893,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 4,893,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
4,893,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
7.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
OO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D/A
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CUSIP No. 761763 101 PAGE 4 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jonathon S. Jacobson
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
AF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 4,893,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 4,893,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
4,893,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
7.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
IN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D/A
- ----------------------- ---------------------
CUSIP No. 761763 101 PAGE 5 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard L. Grubman
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
AF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 4,893,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 4,893,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
4,893,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
7.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
IN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D/A
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CUSIP No. 761763 101 PAGE 6 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Highfields Capital Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
AF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 3,401,797
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 3,401,797
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
3,401,797
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON
14
OO
- ------------------------------------------------------------------------------
<PAGE>
CUSIP No. 761763 101 PAGE 7 OF 11 PAGES
This Amendment No. 4 to Schedule 13D (this "Amendment No. 4") should be
read in conjunction with the Schedule 13D filed with the Securities and Exchange
Commission on March 17, 1999, as amended by Amendment No. 1 filed on June 23,
1999, Amendment No. 2 filed on August 12, 1999, and Amendment No. 3 filed on
August 20, 1999 (as amended, the "Schedule 13D"), by Highfields Capital
Management LP, Highfields GP LLC, Jonathon S. Jacobson and Richard L. Grubman
relating to the shares of common stock, no par value (the "Shares"), of Reynolds
Metals Company (the "Company"). This Amendment No. 4 amends and restates the
Schedule 13D with respect to Items 2, 3 and 5. All other information in the
Schedule 13D shall remain in effect. All capitalized terms used herein and not
otherwise defined shall have the meanings ascribed thereto in the Schedule 13D.
This Amendment No. 4 is being filed to include Highfields Capital Ltd. as a
reporting person in connection with its acquisition of more than 5% of the
outstanding shares of the Issuer.
ITEM 2. IDENTITY AND BACKGROUND.
-----------------------
(a), (b) AND (c) This statement is being filed by the following persons:
Highfields Capital Management LP, a Delaware limited partnership ("Highfields
Capital Management"), Highfields GP LLC, a Delaware limited liability company
("Highfields GP"), Highfields Capital Ltd. ("Highfields Ltd."), a company
organized under the laws of the Cayman Islands, B.W.I., Jonathon S. Jacobson and
Richard L. Grubman. Highfields Capital Management, Highfields GP, Highfields
Ltd., Mr. Jacobson and Mr. Grubman are sometimes individually referred to herein
as a "Reporting Person" and collectively as the "Reporting Persons" or
"Highfields."
Highfields Capital Management is principally engaged in the business of
providing investment management services to the following investment funds:
Highfields Ltd., Highfields Capital I LP, a Delaware limited partnership
("Highfields I"), and Highfields Capital II LP, a Delaware limited partnership
("Highfields II" and together with Highfields I and Highfields Ltd., the
"Funds"). The business address and principal executive office of Highfields
Capital Management is 200 Clarendon Street, 51st Floor, Boston, Massachusetts
02117.
Highfields Ltd. is principally engaged in the business of buying, selling
and owning securities and those activities incidental to buying, selling and
owning securities. The business address and principal executive office of
Highfields Ltd. is c/o Goldman Sachs (Cayman) Trust, Limited, Harbour Centre,
North Church Street, P.O. Box 896, George Town, Grand Cayman, Cayman Islands,
B.W.I.
Highfields GP is the General Partner of Highfields Capital Management.
Highfields GP's principal business is serving as General Partner of Highfields
Capital Management. The business address and principal executive office of
Highfields GP is 200 Clarendon Street, 51st Floor, Boston, Massachusetts 02117.
Mr. Jacobson is a Managing Member of Highfields GP and his business address
is 200 Clarendon Street, 51st Floor, Boston, Massachusetts 02117. Mr. Jacobson
also is a Managing Director of Highfields Capital Management and in such
capacity acts as a portfolio manager of the Funds.
Mr. Grubman is a Managing Member of Highfields GP and his business address
is 200 Clarendon Street, 51st Floor, Boston, Massachusetts 02117. Mr. Grubman
also is a Managing Director of Highfields Capital Management and in such
capacity acts as a portfolio manager of the Funds.
<PAGE>
CUSIP No. 761763 101 PAGE 8 OF 11 PAGES
The Shares to which this Schedule 13D relates are owned directly by the
Funds.
(d) AND (e) During the last five years, none of the persons identified
in this Item 2 has been convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors), or has been a party to any 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 violations with respect to
such laws.
(f) Each natural person identified in this Item 2 is a citizen of the
United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
-------------------------------------------------
The aggregate purchase price of the 512,922 Shares owned by Highfields I
was $27,379,295.27, inclusive of brokerage commissions.
The aggregate purchase price of the 978,281 Shares owned by Highfields II
was $51,900,855.20, inclusive of brokerage commissions.
The aggregate purchase price of the 3,401,797 Shares owned by
Highfields Ltd. was $195,120,745.56, inclusive of brokerage commissions.
Each of Highfields I, Highfields II and Highfields Ltd. used their own
assets to purchase such Shares, which may at any given time include funds
borrowed in the ordinary course in their margin accounts.
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
--------------------------------
(a) AND (b) As of January 27, 2000, Highfields I and Highfields II owned
beneficially 512,922 and 978,281 Shares, respectively, representing
approximately 0.8% and 1.5%, respectively, of the 63,227,428 Shares outstanding
as reported in the Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 1999 (the "Form 10-Q").
<PAGE>
CUSIP No. 761763 101 PAGE 9 OF 11 PAGES
As of January 27, 2000, Highfields Ltd. had sole voting and dispositive
power with respect to 3,401,797 Shares owned beneficially by Highfields Capital
Ltd., representing approximately 5.4% of the 63,227,428 Shares outstanding as
reported in the Form 10-Q.
As of January 27, 2000, Highfields Capital Management in its capacity as
investment manager of the Funds, had sole voting and dispositive power with
respect to all 4,893,000 Shares owned beneficially by the Funds, representing
approximately 7.7% of the 63,227,428 Shares outstanding as reported in the Form
10-Q.
As of January 27, 2000, Highfields GP, through its control of Highfields
Capital Management, had sole voting and dispositive power with respect to all
4,893,000 Shares owned beneficially by Highfields Capital Management,
representing approximately 7.7% of the 63,227,428 Shares outstanding as reported
in the Form 10-Q.
As of January 27, 2000, Mr. Jacobson, as a Managing Member of
Highfields GP, had sole voting and dispositive power with respect to all
4,893,000 Shares owned beneficially by Highfields GP, representing approximately
7.7% of the 63,227,428 Shares outstanding as reported in the Form 10-Q.
As of January 27, 2000, Mr. Grubman, as a Managing Member of Highfields GP,
had sole voting and dispositive power with respect to all 4,893,000 Shares owned
beneficially by Highfields GP, representing approximately 7.7% of the 63,227,428
Shares outstanding as reported in the Form 10-Q.
(c) Information with respect to all transactions in the Shares
beneficially owned by the Reporting Persons which were effected during the past
sixty days is set forth in Schedule A hereto and incorporated herein by
reference.
(d) None.
(e) Not applicable.
*The remainder of this page has been intentionally left blank*
<PAGE>
CUSIP No. 761763 101 PAGE 10 OF 11 PAGES
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 28, 2000 HIGHFIELDS CAPITAL MANAGEMENT LP
By: Highfields GP LLC, its General Partner
By: /s/ KENNETH H. COLBURN
----------------------
Kenneth H. Colburn
Authorized Signatory
HIGHFIELDS GP LLC
By: /s/ KENNETH H. COLBURN
----------------------
Kenneth H. Colburn
Authorized Signatory
HIGHFIELDS CAPITAL LTD.
By: Highfields Capital Management LP, its
Investment Manager
By: Highfields GP LLC, its General Partner
By: /s/ KENNETH H. COLBURN
----------------------
Kenneth H. Colburn
Authorized Signatory
<PAGE>
CUSIP No. 761763 101 PAGE 11 OF 11 PAGES
RICHARD L. GRUBMAN
/s/ KENNETH H. COLBURN
----------------------
Kenneth H. Colburn
Attorney-in-Fact
JONATHON S. JACOBSON
/s/ KENNETH H. COLBURN
----------------------
Kenneth H. Colburn
Attorney-in-Fact
<PAGE>
Schedule A
----------
INFORMATION WITH RESPECT TO TRANSACTIONS
OF THE REGISTRANT'S COMMON STOCK
BY HIGHFIELDS I DURING THE PAST SIXTY DAYS
<TABLE>
<CAPTION>
Number of Shares
of Common Stock
Date Purchased/(Sold)//1// Price Per Share
- ----------- --------------------- ---------------
<S> <C> <C>
12/1/99 13,811 63.03
12/1/99 44,887 63.05
12/1/99 7,942 62.87
1/20/2000 6,750 67.30
1/20/2000 542 67.02
1/24/2000 17,200 67.89
TOTAL: 91,132 ---
</TABLE>
//1// All transactions were effected through open market or privately negotiated
purchases
<PAGE>
INFORMATION WITH RESPECT TO TRANSACTIONS
OF THE REGISTRANT'S COMMON STOCK
BY HIGHFIELDS II DURING THE PAST SIXTY DAYS
<TABLE>
<CAPTION>
Number of Shares
of Common Stock
Date Purchased/(Sold)//1// Price Per Share
- ----------- --------------------- ---------------
<S> <C> <C>
12/1/99 26,189 63.03
12/1/99 85,113 63.05
12/1/99 15,058 62.87
1/20/2000 13,500 67.30
1/20/2000 1,032 67.02
1/24/2000 34,400 67.89
TOTAL: 175,292 ---
</TABLE>
//1// All transactions were effected through open market or privately negotiated
purchases
<PAGE>
INFORMATION WITH RESPECT TO TRANSACTIONS
OF THE REGISTRANT'S COMMON STOCK
BY HIGHFIELDS LTD. DURING THE PAST SIXTY DAYS
<TABLE>
<CAPTION>
Number of Shares
of Common Stock
Date Purchased/(Sold)//1// Price Per Share
- ----------- --------------------- ---------------
<S> <C> <C>
1/20/2000 54,750 67.30
1/20/2000 3,426 67.02
1/21/2000 25,000 67.30
1/21/2000 100,000 68.80
1/21/2000 110,000 68.10
1/24/2000 34,400 67.89
TOTAL: 327,576 ---
</TABLE>
//1// All transactions were effected through open market or privately negotiated
purchases
