Carl Icahn, Talisman Energy: In a 13D just filed with the SEC, Carl Icahn has reported a 5.9% stake in Talisman Energy Inc. (USA) (NYSE:TLM). Three of Icahn’s seven largest positions are in energy companies, and the corporate raider lists undervaluation, asset sales, restructuring and Board representation as possible outcomes of his activist stake.
One interesting thing to point out: at the end of last quarter, Icahn’s former right hand man, Keith Meister, was Talisman’s largest shareholder. Meister’s Corvex Capital held a $103.5 million position, roughly one-sixth the size of Icahn’s new stake.
In addition to Icahn’s move, there have been many other big-time hedge fund trades in the past week. Here’s a look at the most important.
Bill Ackman reduced his Herbalife short significantly, replacing it with long-term put options.
Dan Loeb ups his activist campaign at Sotheby’s, snatching 9.3% of the company while calling for its CEO to resign.
Mick McGuire and Marcato Capital reported that they still hold a large stake in Sotheby’s alongside Loeb.
Jeff Ubben and ValueAct, another activist, now own 9.7% of Rockwell Collins; say they’re banking on avionics division.
Richard Perry cuts 9M J.C. Penney shares.
Dmitry Balyasny’s Walter Energy bet shows he doesn’t think coal is dead just yet.
Ken Griffin’s Citadel Advisors reported a new 5.8% stake in Global Brass and Copper Holdings.
Ricky Sandler, Eminence Capital up their Aeropostale position.
Peter Kolchinsky’s biotech fund doubles its Achillion Pharmaceuticals stake.
Andrew Feldstein and Stephen Siderow joined a REIT party at Chatham Lodging Trust.