Third Point LLC, the activist hedge fund run by Daniel Loeb, owns 12.2 million shares of U.S. Steel Corp., according to a quarterly filing from the company on Friday. Loeb has been building his stake in U.S. Steel since last year and is now its largest shareholder, according to FactSet data.
Acquisition Talks on Hold
U.S. Steel has been waiting for a potential acquisition by Nippon Steel Corp since 2023, but that deal is currently on hold due to a national security review by the Committee on Foreign Investment in the United States (CFIUS).
Loeb expressed optimism about the chances of this merger being completed, stating, "I am optimistic about the chances of this merger being completed," during Third Point’s annual meeting last month.
Other Investments
In addition to U.S. Steel, Third Point also owns 8.9 million shares of Kenvue Inc., which produces products such as band-aids and Tylenol after it was spun off from Johnson & Johnson Co in May.
Other investors have urged Kenvue to consider:
- Selling some assets
- Selling the entire company
These actions are suggested to boost returns for shareholders who own significant stakes in Johnson & Johnson stock through various funds managed by:
- BlackRock Inc.
- Vanguard Group Inc.
- State Street Corp
- Fidelity Investments
These funds collectively hold more than $100 billion in assets.
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