Loeb’s third point builds participation in Kenvue Band Manufacturer

Of Svea Herbst-Bayliss

New York (Reuters) -Daniel Loeb’s Hedge’s Hedge Fund Bilioner is building a participation in Kenvue, sources familiar with the question said on Friday, as some investors are pressing strategic changes to the consumer’s healthcare company.

News of Third Point Investment at the $ 44 billion summit, Band Manufacturer and Tylenol, based in New Jersey, helped increase their price more than 2% in negotiation on Friday afternoon before resigning a number of $ 23.01.

Kenvue, who left Johnson & Johnson two years ago, has faced the pressure of activist investors for months and avoided a full -fledged proxy struggle in March when he added the founder and CEO of the firm, Jeffrey Smith, to his advice.

Starboard pressed the company to review how it positions its brands and its price to increase its performance.

Since its agreement with Starboard, Kenvue has faced the pressure of Toms Capital Investment Management, another activist company that also built a participation and wants the company to consider strategic alternatives, including a possible sale of the entire company or portions of it, said sources known with the company’s commitment.

It could not be established as great is the investment of the third point or if the coverage fund has participated with the council or the management of Kenvue. A third point representative refused to comment. Financial Times first reported to Kenvue on Friday.

Kenvue said he regularly relates to his investors, but does not begin discussions about individual investors. The Council acts “in the best interest of the company and of all Kenvue shareholders and we are focused on accelerating sustainable growth, profitable and improving the value of shareholders,” the company said in a statement.

Although Kenvue’s brands, including Aveeno, Listerine and Zyrtec, are known, clean sales were $ 15.5 billion in 2024. The company’s shares price, while 8% this year has dropped by 13.2% since it was listed as a public bag company in May 2022.

The third point pursues a variety of strategies, such as, from time to time, the activism dedicated to management to promote companies, such as Auto Advance Parts, Walt Disney and Bath & Body Works to work better.

He oversees approximately $ 12 billion in assets and returned 25% by 2024, a dramatic increase compared to about 4% by 2023 and a loss of 22% by 2022. Last year, the firm turned in consumer discretionary, financial, and industrial companies that helped fuel returns after a rallion after the choice.

(Report by Svea Herbst-Bayliss; Additional Reports of Sriparna Roy in Bangalore; Will Dunham Edition)