PLEASANTON, Calif. — Jana Partners, the activist hedge fund which acquired Safeway shares seeking to influence decisions to divest properties, has reduced its stake, it said in a regulatory filing.
The filing said Jana’s ownership stake in Safeway has been reduced to 4.1% from 6.2%. The sale follows Safeway’s announcement that it would sell its Dominick's stores in Chicago.
Jana in September revealed its acquisition of shares saying it hoped to influence the retailer to exit “subscale and low margin geographies.”
Safeway’s stock has increased by around 20% since Jana announced its stake.
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