Jana has been on the right end of several big investments, including the Monday announcement that Barnes & Noble (BKS - Get Report) 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts