WASHINGTON Oct 11 Activist investor fund Third
Point has won U.S. antitrust approval to buy an unspecified
stake in Murphy Oil Corp, the Federal Trade Commission
said on Thursday.
Shares in the company rose more than 4 percent on Oct. 3
after hedge fund manager and veteran corporate agitator Daniel
Loeb told investors in his Third Point fund that shares of the
oil and gas company could be 60 percent higher.
He has urged Murphy Oil to take steps like selling fuel
stations and other downstream operations.
Third Point said it recently applied for antitrust approval
with an eye to potentially increasing its position if its talks
with the board did not bear fruit.
Antitrust approval was granted, according to a listing of
approved transactions that the FTC posts on its website several
times a week. The approvals can come from either the FTC or
Justice Department, which split the job of enforcing antitrust
Murphy is one of the $9.3 billion fund's five largest
positions, a September fact sheet reviewed by Reuters showed.
The fund also recently engaged in an activist battle with
Yahoo Inc, and eventually secured board seats.
Third Point declined comment while Murphy Oil could not
immediately be reached for comment. Murphy shares were up 2.7
percent to $58.63 in morning New York Stock Exchange trading.