Deals
Loeb Urges Fanuc to Buy Back Stock After Acquiring Shares
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Third Point LLC, the hedge-fund firm run by Daniel Loeb, said it had acquired a stake in Fanuc Corp. and urged the world’s largest maker of industrial automation equipment to boost shareholder returns by buying back stock.
“Fanuc’s productivity is among the highest in the world, on track to achieve $2.4 billion of operating profit and 40 percent margins” this fiscal year with just 5,500 employees, New York-based Third Point said in a letter to investors dated Feb. 9. “We believe the stock could rerate significantly if a buyback program was initiated.”