Exclusive: Third Point builds stake in Ray-Ban maker…

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Third Point LLC, the U.S. hedge fund that has pushed for changes at companies ranging from Nestle SA to Campbell Soup Co , has amassed a stake in Ray-Ban maker EssilorLuxottica SA , people familiar with the matter said on Sunday.

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(Reuters) – Third Point LLC, the U.S. hedge fund that has pushed for changes at companies ranging from Nestle SA (NESN.S

FILE PHOTO: Sunglasses from Ray-Ban are on display at a optician shop in Hanau near Frankfurt, Germany, March 18, 2016. REUTERS/Kai Pfaffenbach/File Photo

In June, it called on Sony Corp (6758.T) to spin off its semiconductor business and sell off stakes in Sony Financial and other units, in order to position itself as a leading global entertainment company.

It also urged United Technologies Corp (UTX.N) to cancel its aerospace merger with U.S. defense contractor Raytheon Co (RTN.N), calling the deal “ill conceived.” Earlier this month, the fund disclosed it trimmed its stake in United Technologies.

In the first half of 2019, Third Point’s flagship fund earned a 13.1% return, fueled by gains at many of its activist positions ranging from Nestle to Sony.

Reporting by Svea Herbst-Bayliss in Boston and Claudia Cristoferi in Milan; Additional reporting by Matthias Blamont in Paris and Pamela Barbaglia in London; Editing by Lisa Shumaker


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Author:

Third Point LLC, the U.S. hedge fund that has pushed for changes at companies ranging from Nestle SA to Campbell Soup Co , has amassed a stake in Ray-Ban maker EssilorLuxottica SA , people familiar with the matter said on Sunday.

Source: {authorlink}

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