Jana Partners ups stake in US oil firm QEP Resources
Jana Partners LLC, an activist investor, lifted its holding in oil company QEP Resources Inc. In addition, the investor announced its plan to nominate candidates for the firm's board, according to Reuters.
On Monday, Jana upped the said stake from 7.6% to 9.5%. The company is the biggest shareholder of QEP, the report said.
Under pressure from the activist hedge fund, QEP announced in December that it would spin out its pipeline unit. Jana had said that QEP did not have the expertise to manage the said business, the report explained.
Jana said it will continue to talk with the board about the separation of QEP Field Services from the firm. The hedge fund will also discuss the composition of the board and management, including its incentive scheme, the report detailed.
According to a US regulatory filing, Jana might also discuss with stakeholders and other interested groups regarding the nomination of director candidates to the firm's board, the report stated.
QEP is presently being pressured by Jana to become a pure-play exploration and production firm, Reuters reported.