Fluor (NYSE:FLR) rose 5.2% in premarket trading after a report that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction company.
Starboard wants Fluor (NYSE:FLR) to explore options for its 40% stake in NuScale Power (NYSE:SMR), including a potential sale, after the company’s shares gained almost 150% this year, with NuScale now valued at more than $12 billion, according to a WSJ report on Monday, which cited people familiar with the matter. Fluor itself has a market value of almost $8 billion.
Starboard Chief Executive Jeff Smith is set to appear Tuesday at the 13D Active Passive-Investor Summit in New York City, where he is expected to reveal his plans for Fluor (FLR).
