Jana Partners ups stake in QEP Resources, to nominate candidates to board

Mon Jan 13, 2014 7:05pm EST

Jan 13 (Reuters) - Activist investor Jana Partners LLC increased its stake in oil producer QEP Resources Inc and said it plans to nominate candidates to the company's board.

Jana, the largest shareholder of QEP, increased its stake to 9.5 percent from 7.6 percent on Monday.

QEP said in December it would spin off its pipeline business after pressure for the activist hedge fund that said the company did not have the expertise to run the unit.

Jana said on Monday it would continue to discuss with the board on issues such as separation of QEP Field Services from the company, the board and management composition and its incentive compensation structure, among other things. ()

In a U.S. regulatory filing, Jana said it might engage in discussions with shareholders and other interested parties regarding nominating director candidates to the company's board.

Under pressure from Jana, the company is looking to transform itself into a pure-play exploration and production company.

QEP said in December it would buy oil assets worth $950 million in Texas' Permian Basin.

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