Nordstrom Gets New Largest Shareholder (JWN)
January 9, 2009 by Douglas A. McIntyre
It looks like Nordstrom Inc. (NYSE: JWN) has a new largest shareholder. An existing holder called Capital World Investors has increased its ownership in the upscale retailer and now owns a 10.1% stake in the company with 21,813,100 shares of common stock.
What is interesting is that the stake is still passive,yet it has crossed the 10.1% threshold with the SEC. Capital WorldInvestors is part of Capital Research & Management and is one ofthe companies which went all in on Yahoo! as well. It looks like its stake may even dwarf the common holdings of the Nordstrom family.
Now registrations for sales and purchases may become more complicatedfor this holder. There is a reason that you see Fidelity andother firms stop acquiring shares of common stock in publiccompanies when they reach the 4.9% and 9.9% beneficial ownership stakethresholds.
Sometimes this works, and sometimes it doesn’t. So far it seems no onecares or that no one has noticed. Shares are down 3% at $14.09 on thinvolume trading.
Jon C. Ogg
January 9, 2009
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