Bloomberg News

Loeb’s Third Point Took Stake in CF Industries, Elan Corp.

August 14, 2013

Third Point LLC, the hedge-fund firm run by Daniel Loeb, took a stake in fertilizer maker CF Industries Holdings Inc. (CF:US) in the second quarter, according to a regulatory filing.

The firm added 845,000 shares of the Deerfield, Illinois-based company valued at about $144.9 million at the end of June, according to a filing today with the U.S. Securities and Exchange Commission. Third Point, based in New York, originally disclosed the investment in the largest U.S. producer of nitrogen fertilizer in its second-quarter letter to investors last month, without specifying the size of the stake.

Third Point bought 8.5 million American depository receipts of Irish pharmaceutical company Elan Corp., valued at $120.2 million. Last month, Perrigo Co. (PRGO:US), a U.S. maker of over-the-counter medicines, agreed to buy Elan for $8.6 billion. Third Point also acquired 1.8 million shares of Burbank, California-based Walt Disney Co., valued at $113.7 million.

The filing, which represents holdings through June 30, didn’t show shares of Sony Corp. (SNE:US) Loeb said in a June 17 letter to Sony Chief Executive Officer Kazuo Hirai that Third Point owned 70 million shares through direct ownership and cash-settled swaps as of mid-June, and is interested in representation on Sony’s board.

The entertainment unit of Sony has come under criticism from Loeb following disappointing box-office sales this year for “After Earth” and “White House Down.” Loeb has pushed, unsuccessfully so far, for a partial sale of the division as a way to boost its performance and increase accountability.

Elissa Doyle, a spokeswoman for Third Point, declined to comment on the holdings.

To contact the reporter on this story: Alexis Leondis in New York at aleondis@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net


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Companies Mentioned

  • CF
    (CF Industries Holdings Inc)
    • $243.14 USD
    • -1.86
    • -0.76%
  • PRGO
    (Perrigo Co PLC)
    • $148.06 USD
    • -0.78
    • -0.53%
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