Dan Loeb Sells JPMorgan, Snap Stakes, Adds Takeover Target NXP

  • Loeb’s activist fund also sells Qualcomm, Zayo, Rice Energy
  • Firm amasses stakes in BlackRock and Alibaba Group Holdings

Dan Loeb’s sometimes-activist hedge fund exited stakes in JPMorgan Chase & Co. and Snap Inc. during the second quarter and added new positions in BlackRock Inc., Alibaba Group Holding Ltd. and takeover target NXP Semiconductors NV.

Third Point also offloaded its $200.1 million position in NXP’s suitor, Qualcomm Inc., as well as Zayo Group Holdings Inc., and Rice Energy Inc., according to a regulatory filing Friday. Natural gas driller Rice’s proposed $6.7 billion takeover by EQT Corp. has already attracted criticism from activist investor Jana Partners.

Dan Loeb

Photographer: David Paul Morris/Bloomberg

Third Point sold a $329 million holding in JPMorgan and a much smaller position -- 2.25 million shares valued at $50.7 million -- in beleaguered social-media company Snap.

NXP agreed to be purchased in October by Qualcomm in a deal that valued the company at $46 billion. The Eindhoven, Netherlands-based firm has been targeted by Paul Singer’s Elliott Management Corp., which amassed a 6 percent stake in NXP and is urging it to either negotiate a higher price, find a higher bidder or remain a standalone company, a person familiar with the matter has said.

Third Point bought 2.7 million NXP shares during the quarter, or about 0.8 percent of its outstanding stock.

In June New York-based Third Point disclosed a $3.5 billion stake in Nestle SA and said it’s pushing for changes at the company, including for it to explore the sale of its stake in cosmetics-maker L’Oreal SA. The fund’s active positions also include Honeywell International Inc. and Dow Chemical Co.

Most of Third Point’s equity stakes aren’t tied to activist campaigns, in which a fund seeks to convince executives and directors to make changes it argues will reward shareholders.

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