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Hedge Funds Gain Big on News of El Paso $EP Purchase

El Paso Corp (ES) was up over 23% on Monday morning in news that Kinder Morgan would buy the company in a deal estimated at over $20.7 billion. Shares rose from $19.59 at close Friday to trade at $24.15 a share by 10am EST. The deal is expected to make Kinder Morgan the largest natural gasoline operator in the US.

Barry Rosenstein JANA PARTNERS

The following hedge funds made big on the news:

1. Jana Partners – Barry Rosenstein: Gained $110.5 million

2. Third Point – Dan Loeb: Gained $59.3 million

3. Fir Tree – Jeffrey Tannenbaum: Gained $26.9 million

4. Eton Park Capital – Eric Mindich: Gained $25.2 million

5. Diamondback Capital – Richard Schimel: Gained $23.9 million

6. D E Shaw – D. E. Shaw: Gained $21.1 million

7. Omega Advisors – Leon Cooperman: Gained $18.9 million

8. First Eagle Investment Management – Jean-Marie Eveillard: Gained $16.1 million

9. Kensico Capital – Michael Lowenstein: Gained $10.9 million

10. Magnetar Capital – Alec Litowitz And Ross Laser: Gained $10.2 million

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in EP since the end of June. We did not take into account their option positions.

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