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Birthday : 12/14/1955
Place of birth : New York (New York) - United States
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Biography : John Paulson is the boss of the investment fund Paulson & Co. founded in 1995. It’s thanks to...

Paulson & Co. Opens Positions in Covidien, DirecTV and Allergan

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08/14/2014 | 05:49pm EDT
   By Maria Armental 

Paulson & Co. has taken new positions in Covidien PLC (>> Covidien plc) and DirecTV and sold off holdings in American Airlines Group Inc. (>> American Airlines Group Inc), General Motors Co. (>> General Motors Company) and Hess Corp. (>> Hess Corp.) in the second quarter, according to a securities filing Thursday.

The largest change in the period was in Cobalt.

The hedge fund, which historically specialized in merger arbitrage, also initiated a 5,295,300-share stake in Telecom Italia SpA's (>> Telecom Italia SpA) TIM Participacoes SA (>> TIM Participacoes SA) worth $153.7 million. On Wednesday, the Italian company confirmed it is considering merging its Brazilian telecom unit with Vivendi SA's (>> VIVENDI) GTV SA unit to counter a bid for GVT from Spain's Telefonica SA (>> Telefonica SA).

The firm, founded by billionaire investor John Paulson, also reported a 5,602,000-share stake in Allergan Inc. (>> Allergan, Inc.), worth $947.97 million. Meanwhile, Paulson--which supports Valeant Pharmaceuticals International Inc.'s (>> Valeant Pharmaceuticals Intl Inc) hostile takeover for the Botox maker--cut its stake in Valeant to 500,300 shares.

The hedge fund also increased its holdings in rival discount chains Family Dollar Stores Inc. (>> Family Dollar Stores, Inc.) and Dollar General Corp. (>> Dollar General Corp.). Family Dollar agreed last month to sell itself to Dollar Tree for about $8.5 billion. Paulson, which had sent a letter to Family Dollar in January urging the company to sell itself, bought an additional 1,550,000 shares, bringing its stake to 8,020,000 or $530.4 million. It also more than doubled its holdings in Dollar General, buying an additional 2,090,000 for a total stake worth $234.6 million.

While in the previous quarter Paulson had cut its stake in Mallinckrodt PLC (>> Mallinckrodt PLC), the hedge fund reported an increase of 1,088,000 shares for a total state in the specialty pharmaceuticals company worth $538.1 million.

Paulson also increased its holdings in Shire PLC to 3,366,539 shares, or $792.8 million, and Vanda Pharmaceuticals Inc. (>> Vanda Pharmaceuticals Inc.) to 3,200,000 or $51.8 million, and opened a position in Questcor Pharmaceuticals Inc. (>> Questcor Pharmaceuticals Inc) of 2,248,913 shares worth $208 million.

The firm also opened a position in Covidien--which has struck a deal to sell itself to Medtronic Inc. (>> Medtronic, Inc.)-- and in DirecTV, which has agreed to be bought by AT&T Inc. (T). It bought 7,000,000 worth $631.3 million in Covidien and 10,000,000, worth $850.1 million, in DirecTV.

Paulson has been one of the most bullish investors in gold, but his firm made no change in the size of its holdings in the gold exchange-traded fund SPDR Gold Trust (GLD). Its value grew 3.6% in the quarter to $1.31 billion.

The positions were revealed in a 13F filing with the Securities and Exchange Commission, a quarterly requirement for investors managing more than $100 million. The report indicates the number of shares held and the value of each stake at the end of the quarter.

Write to Maria Armental at maria.armental@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. -0.49% 12.19 Delayed Quote.-57.50%
DOLLAR GENERAL CORPORATION 2.89% 151.01 Delayed Quote.-3.19%
GENERAL MOTORS COMPANY -2.53% 20.78 Delayed Quote.-43.22%
HESS CORPORATION 4.29% 33.3 Delayed Quote.-50.16%
MALLINCKRODT PLC -12.00% 1.98 Delayed Quote.-43.27%
QUESTCOR PHARMACEUTICALS INC 0.00%End-of-day quote.71.90%
TELECOM ITALIA S.P.A. 3.42% 0.3724 Delayed Quote.-34.76%
TELEFONICA S.A. 0.00%End-of-day quote.-32.98%
TIM PARTICIPAÇÕES S.A. -6.25% 12.44 End-of-day quote.-18.51%
VANDA PHARMACEUTICALS INC. 7.14% 10.36 Delayed Quote.-36.87%
VIVENDI 7.40% 19.525 Real-time Quote.-24.38%
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