Paulson Takes Stake In Abbvie, Adds To Shire Holdings

Hedge fund Paulson & Co., headed by billionaire John Paulson, opened a 13 million share position in pharmaceutical maker Abbvie Inc. in the third quarter, valued at $750.9 million as of Sept. 30, according to a Friday regulatory filing. Large investors are required to disclose long positions held at the end of each quarter 45 days later. Abbvie scuttled a planned merger with Irish pharmaceutical Shire Group after the Obama administration announced new tax rules. Paulson had tripled the number of shares held in Shire. He also took a position valued at $169 million in Chinese e-commerce site Alibaba, which debuted in a September initial public offering.