An activist fund run by Daniel Loeb is said to be amassing a stake in Dutch healthcare giant Philips ahead of a possible proxy war next year.
Third Point, named for a wave break popular with surfers off of Malibu, could be looking to acquire a “multi-billion-euro position” in Philips, anonymous sources told the Times of London. The exact size of the stake is unclear, the newspaper reported.
Loeb is known for setting his sights on ailing companies, buying a stake sufficiently large to allow him to jettison management and improve efficiencies to restore profitability.
News of Third Point’s possible interest in Philips sent its share price up 5.9% to €33.74 apiece today in late-day trading in Amsterdam; PHIA shares gained $5.8% in late-morning activity in New York rising to $37.82 each.