Deals
Loeb’s Third Point Urges Amgen Breakup as Fund Sells Sony
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Third Point LLC, the hedge-fund firm run by Daniel Loeb, called for a breakup of biotechnology company Amgen Inc. and sold its investment in Sony Corp., trading one public activist campaign for another during the third quarter.
The New York-based firm wants Amgen to split into a “MatureCo and GrowthCo” -- one with older drugs and one with new prospects -- according to a letter to investors. Third Point has added to its Amgen stake, making it one of the company’s largest shareholders, the letter shows.