Wyndham Worldwide Corporation (WYN), Dresser-Rand Group Inc. (DRC): Iridian Asset Management Drops Two Major Positions

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In another 13G filing, Iridian Asset Management disclosed the sale of its entire stake in Dresser-Rand Group Inc. (NYSE:DRC). The investment firm had already cut its exposure to the company significantly by the end of the third quarter, shedding around 2.9 million shares. Considering the stock gained approximately 37% last year, the Westport, Connecticut-based financial institution surely profited from the sale of shares in 2014, as well as from its latest transaction. Furthermore, the German industrial group Siemens announced its decision to acquire Dresser-Rand for $7.6 billion last year, coming to an agreement with the oilfield equipment manufacturer in September. Since then, investors have been raising concerns regarding the deal and whether it will benefit shareholders. Finally, by shedding its stake in the company, Iridian Asset Management can focus on its other holdings, especially those estimated to be offering better returns this year.

Dresser-Rand Group Inc. (NYSE:DRC) is involved in the manufacture, design, and sale of equipment used in the oil, gas, chemical, petrochemical, and power generation industries. In addition to new equipment, the firm also supplies aftermarket parts, as well as a wide range of installation and repair services. The $6.1 billion market cap company was founded in 2004 and is headquartered in Houston, Texas. Despite the fact that Iridian Asset Management – one of its largest institutional shareholders – exited its position recently, Dresser-Rand Group Inc. (NYSE:DRC) continues to be backed by numerous financial institutions. Billionaire James Dinan’s York Capital Management for example disclosed a new stake in the company at the end of the third quarter. Its holdings amount to 3.6 million shares and represent around 3% of the fund’s 13F equity portfolio. The previously mentioned D.E. Shaw & Co, which is managed by David E. Shaw, also boasts a significant position in Dresser-Rand Group, with a holding of 1.8 million shares.

Disclosure: none.

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