Taconic Capital Advisors, led by Frank Brosens, will nominate its representatives on the board of WPX Energy Inc (NYSE:WPX). According to a statement attached to a filing with the Securities and Exchange Commission, under the terms of the agreement between WPX and Taconic, the company’s board will expand to 12 members from 11 in January. The fund’s representative will also participate as a member of committee for the search of new CEO for WPX Energy.
Taconic currently holds 13.8 million shares of the company, equal to 6.9% of the stock, raising the stake from 12.8 million held previously. The fund is the second-largest shareholder of the company.
Currently, other funds also have positive stakes in WPX Energy Inc (NYSE:WPX). David Einhorn’s Greenlight Capital, has been the most bullish, raising its holding by 77% over the quarter, to a total of 4.6 million shares, valued at $90.2 million. It is followed by John A.Levin’s Levin Capital Strategies, which owns over 3.8 million shares, worth $73.9 million. Meanwhile, Zac Hirzel’s Hirzel Capital Management raised its position by over 60% during the third quarter, currently holding 2.5 million shares, worth $48.1 million.
WPX Energy Inc (NYSE:WPX), the U.S. based natural gas and oil exploring company has been reassembling its top-management. Last week, its CEO Ralph Hill stepped down from all the posts he held, ever since the company was formed as one of Williams companies. Meanwhile, WPX Energy Inc (NYSE:WPX) has been in a spot of trouble in Colorado, ever since Broomfield, has voted for a five-year ban on the ‘fracking’ method of drilling for natural gas. NiobraraShale, is one of the main areas where nearly most of the oil and natural gas explorers have been operating.