11 April 2013 23:39 [Source: ICIS news]
HOUSTON (ICIS)--Activist hedge fund Jana Partners on Thursday announced it has acquired enough shares of Kentucky-based Ashland to become the second-largest shareholder of the specialty-chemicals company.
Having caught the public and trading world’s attention with its unsuccessful campaign to replace board members at Canadian fertilizer producer Agrium, New York-based Jana now owns a 7.4% stake in Ashland.
Jana in the regulatory filings said it is already in discussions with management about issues such as “the business, capitalisation, corporate structure, operations, strategy and future plans”.
In the filing, which was released at the close of trading, Jana said it expects to have further discussions with Ashland management and directors.
Shares of Ashland closed up 6% at $78.83 to finish the trading session on Thursday.
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