Daniel Loeb's hedge-fund Third Point LLC added sizeable new
stakes in companies including American Airlines Group Inc. (AAL),
Anheuser-Busch InBev NV (BUD) and Verizon Communications Inc. (VZ),
according to a regulatory filing Thursday.
The hedge-fund manager, who recently settled a seven-month-long
battle with art auction house Sotheby's (BID), disclosed he held at
the end of March 2.7 million shares of American Airlines, 1.4
million shares of Anheuser-Busch and 3.5 million shares of Verizon
worth about $166 million.
The New York hedge fund also revealed new stakes in Avago
Technologies Ltd. (AVGO), CF Industries Holdings Inc. (CF) and the
Industrial Select Sector SPDR Fund (XLI), an exchange-traded fund
that provides exposure to the industrial sector for the S&P500.
Its stake in the industrials ETF was worth about $262 million,
according to the filing.
Third Point exited positions it held at the end of 2013 in
Abbott Laboratories (ABT), BlackBerry Ltd. (BBRY), Gilead Sciences
Inc. (GILD) and Yahoo Inc. (YHOO) and increased its stakes in
Liberty Global PLC (LBTYA) and Actavis PLC (ACT). Actavis in the
first quarter agreed to acquire rival drug maker Forest
Laboratories Inc. (FRX).
Third Point had other pharmaceuticals bets, according to the
filing, holding a small stake worth about $33 million in Valeant
Pharmaceuticals International Inc. (VRX), which had teamed up with
hedge-fund manager William Ackman to try to buy Allergan Inc.
(AGN). Allergan formally rejected the hostile takeover bid earlier
this month.
Third Point decreased its stake in American International Group
Inc. (AIG) to 7 million, down from 12.5 million shares at the end
of 2013.
Write to Juliet Chung at Juliet.Chung@wsj.com
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