Ken Griffin’s Citadel Investment Group Ups Passive Stake in Hillshire Brands Co (HSH)

Citadel Investment Group, managed by Ken Griffin, has disclosed raising its stake in Hillshire Brands Co (NYSE:HSH). According to a new filing with the U.S. Securities and Exchange Commission, the fund owns 6.19 million shares of the company, up from 1.97 million disclosed as at the end of 2013. The new stake represents 5.0% of common stock outstanding, and is passive by nature.

CITADEL INVESTMENT GROUP

Hillshire Brands Co (NYSE:HSH) is engaged in manufacturing and distribution of food products and its portfolio includes brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, among others. Based in Chicago, the company generated about $4 billion in annual sales in fiscal 2013. The company’s market cap is $4.5 billion.

Recently, Hillshire Brands Co (NYSE:HSH) agreed to acquire all outstanding shares of Pinnacle Foods Inc. (NYSE: PF) in a cash and stock transaction valued at about $6.6 billion. Under the terms of the agreement, each share of Pinnacle Foods common stock will be exchanged for $18.00 in cash and 0.50 shares of Hillshire Brands common stock. The combined company will operate under the Hillshire Brands name and will be headquartered in Chicago, Ill. Sean Connolly, will serve as president and chief executive officer of the combined company, according to a statement.

Apart from Citadel Investment Group, Clint Carlson’s Carlson Capital owns some 1.53 million shares according to its latest 13F, decreasing the stake by almost 50% over the quarter. Another investor Mario Gabelli’s Gamco Investors disclosed holding 2.67million shares of the company.

Citadel Investment Group recently increased its positions in Synovus Financial Corp. (NYSE:SNV) and Burlington Stores Inc (NYSE:BURL). The fund upped its stake in Synovus Financial Corp. (NYSE:SNV) to 50.83 million shares, and boosted its position in Burlington Stores Inc (NYSE:BURL) to 5.31 million shares from 1.51 million shares.

Disclosure: none

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