Dan Loeb Sells JPMorgan, Snap Stakes, Adds Takeover Target NXPBy
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.
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.