Daniel Loeb of Third Point Management has disclosed a 7% stake in medical device manufacturer Baxter International BAX +4.02% and a proposal to have two of his nominees join the company’s board of directors. The disclosure comes just weeks after Baxter split off its biosciences business, Baxalta, in a successful spin that’s already drawn a $30 billion takeover bid from Irish-domiciled drugmaker Shire . For Loeb, the Baxter position stands at a value of over $2 billion, making it his largest single investment. It also adds to Third Point’s bets on the healthcare and pharmaceutical industry. According to public filings, Baxter joins biotech giant Amgen AMGN +1.42% and Allergan AGN +1.16% as one of the hedge fund’s three largest positions. In a letter to Baxter CEO Robert Parkinson and his, Loeb praised the company for its spin of Baxalta and for its decision to find a successor CEO in the coming months. Given the size of Third Point’s stake, Loeb said in his letter Third Point would like to take two board seats in order to help with Baxter’s CEO search and provide feedback on governance, corporate strategy and capital allocation. “We look... More