Tuesday, May 15, 2007

JANA Nudges Alcoa (AA). Possibly Ingersoll-Rand (IR) Too

In its latest 13F filing, for the quarter ended 03/31/07, JANA Partners disclosed a 3.3 million share stake in Alcoa (NYSE: AA). The stake represents about 0.38% of Alcoa's shares outstanding.

Last week, the firm disclosed a letter to Alcoa calling upon Alcoa's Board of Directors to drop its efforts to acquire Alcan Inc. (NYSE: AL) and to instead focus on creating value for shareholders through an exploration of strategic alternatives, including potentially a sale of Alcoa to one or more buyers.
It is also being speculated that JANA had something to do with Ingersoll-Rand's (NYSE: IR) announcement today that it will explore strategic alternatives for its Bobcat and construction-related businesses and will expand its buyback plan to $4 billion, along with accelerating the plan. JANA showed a 6.3 million share, or 2.08% stake, in Ingersoll-Rand in the latest 13F. This is below the 5% threshold that would require a 13D.

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