(Adds details from letter)
By Michael Flaherty and Svea Herbst-Bayliss
NEW YORK, April 27 Third Point LLC said
Honeywell International Inc. should separate its
aerospace division, a move that would create more than $20
billion in shareholder value, according to the hedge fund.
Third Point, which disclosed its view on the industrial
conglomerate in the hedge fund's first-quarter letter, owned 1.4
million shares of the company as of Dec. 31, 2016, according to
the firm's quarterly filing.
The $16 billion hedge fund also told investors that it sees
more opportunities in Europe and is positioned to absorb a
modest sell-off in U.S. stocks.
Third Point took a position in Italian bank Unicredit Spa
and German utility E.ON, the firm said in
its letter. During the first three months of the year, Third
Point earned a 5.9 percent return, it said.
(Reporting by Michael Flaherty; editing by Sandra Maler;
Editing by Dan Grebler)