Barry Rosenstein’s Jana Partners buys 5.5% stake in Marathon Petroleum

January 20th, 2012
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Activist hedge fund manager Jana Partners LLC revealed this week that it owns a 5.5% stake in Marathon Petroleum Corp. According to a filing with the SEC, JANA Partners started buying up shares of the refining company in late November of 2011, eclipsing the 5% threshold on January 9th of this year.

The even-driven focused hedge fund reportedly now owns 19,702,322 shares (including options to purchase 896,000 shares of Common Stock). According JANA Partner’s filing, the firm has “acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity… has had discussions with the Issuer’s management relating to the Issuer’s business strategy, corporate and asset structure, capitalization, dividend and repurchase policy, governance and related matters. The Reporting Person may continue to have such discussions with the Issuer’s management as well as with the Issuer’s board of directors, shareholders and other parties relating to such matters, and may take other steps seeking to bring about changes to increase shareholder value.”

New York-based JANA, which is run by Barry Rosenstein, has led many shareholder activist campaigns. Most recently, the firm targeted El Paso Corp, where it successfully convinced management to split apart its businesses. The break-up plans were progressing along, until Kinder Morgan Inc. agreed to buy all of El Paso. Notably, JANA was recently ranked #84 on HedgeTracker's List of Top Equity Hedge Funds.
For Detailed Investor Profiles on these Investors, click below:
JANA Partners
Related People: Barry S. Rosenstein; Gary Claar
Related Entities: JANA Capital LLC; JANA Master Fund LP; JANA Nirvana Fund LP; JANA Partners LP; JANA Piranha Fund LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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