Shares of Bath & Body Works Inc. were rising more than 5% in after-hours trading Thursday after Third Point LLC disclosed a stake in the company, which sells lotions, soaps, and candles. Third Point disclosed ownership of 13.75 million shares in a Securities and Exchange Commission filing that came out after the closing bell. That position amounts to a 6.02% stake. The funds associated with Daniel Loeb’s Third Point “expended an aggregate of approximately $524,644,070 of their own investment capital” to acquire the shares, according to the filing. Shares of Bath & Body Works have declined 45% over the past 12 months, as the S&P 500 has lost 16%.
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