NEW YORK (TheStreet) -- Jana Partners, a hedge fund with an activist investing bent, is betting on Marathon Petroleum (MPC) to be a big payday in 2012.
Jana has been on the right end of several big investments, including the Monday announcement that Barnes & Noble (BKS) is spinning off its Nook business in a major deal with Microsoft. Jana's bet on Marathon Petroleum specifically is interesting in light of another major Monday deal in the energy space, with the sale of Sunoco to Energy Transfer Partners for $5.3 billion.
David DiDomenico, a partner at Jana, said that the fund has targeted Marathon Petroleum because of the value in the company's logistics and midstream operations, which are hidden in its larger refining business. Before the ETP acquisition, Sunoco was in the process of exiting the refinery business to to focus on energy logistics and infrastructure.
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