Third Point Adds New Stakes in American Airlines, Anheuser-Busch

Daniel Loeb's hedge-fund Third Point LLC added sizeable new stakes in companies including American Airlines Group Inc. (AAL), Anheuser-Busch InBev NV (BUD) and Verizon Communications Inc. (VZ), according to a regulatory filing Thursday.

The hedge-fund manager, who recently settled a seven-month-long battle with art auction house Sotheby's (BID), disclosed he held at the end of March 2.7 million shares of American Airlines, 1.4 million shares of Anheuser-Busch and 3.5 million shares of Verizon worth about $166 million.

The New York hedge fund also revealed new stakes in Avago Technologies Ltd. (AVGO), CF Industries Holdings Inc. (CF) and the Industrial Select Sector SPDR Fund (XLI), an exchange-traded fund that provides exposure to the industrial sector for the S&P500. Its stake in the industrials ETF was worth about $262 million, according to the filing.

Third Point exited positions it held at the end of 2013 in Abbott Laboratories (ABT), BlackBerry Ltd. (BBRY), Gilead Sciences Inc. (GILD) and Yahoo Inc. (YHOO) and increased its stakes in Liberty Global PLC (LBTYA) and Actavis PLC (ACT). Actavis in the first quarter agreed to acquire rival drug maker Forest Laboratories Inc. (FRX).

Third Point had other pharmaceuticals bets, according to the filing, holding a small stake worth about $33 million in Valeant Pharmaceuticals International Inc. (VRX), which had teamed up with hedge-fund manager William Ackman to try to buy Allergan Inc. (AGN). Allergan formally rejected the hostile takeover bid earlier this month.

Third Point decreased its stake in American International Group Inc. (AIG) to 7 million, down from 12.5 million shares at the end of 2013.

Write to Juliet Chung at [e-mail]

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