Monday, February 05, 2007

Loeb's Third Point LLC Raises Stake in Pogo Producing (PPP) to 7.9%

In an amended 13D filing on Pogo Producing Company (NYSE: PPP) Daniel Loeb's Third Point LLC disclosed a 7.9% stake (4.62 million shares) in the company. This is up from the 7.2% stake (4.2 million shares) the firm disclosed in a past filing.

Loeb has been calling on the Board to immediately initiate a process to sell the Company in whole or several parts to the highest bidder or bidders. Loeb was recently joined in his activist efforts by another large holder, Third Avenue Management.

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