Monday, July 28, 2008

Harbinger Capital Builds 6.6% Stake in Sunoco (SUN)

In a 13G filing after the close Friday on Sunoco, Inc. (NYSE: SUN), Philip Falcone's Harbinger Capital disclosed a 6.6% stake (7,732,600 shares) in the company. The hedge fund did not show a stake in Sunoco at the quarter ended 03/31/08.

A 13G indicates a 'passive investment', but Harbinger is a known activist investor. Most recently, Harbinger called on Cleveland-Cliffs (NYSE: CLF) to cancel their merger with Alpha Natural Resources Inc. (NYSE: ANR), saying it was not in the best interest of shareholders.

Sunoco, Inc., through its subsidiaries, manufactures and markets various petroleum products, including fuels, lubricants, and petrochemicals in the United States.

Harbinger Capital Partners, a subsidiary of Harbert Management, is a $9 billion hedge fund run by Philip Falcone.

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