citadel

Kenneth Griffin’s Citadel Group L.L.C, on Friday, July 26, acquired over 35,000 shares in ON Semiconductor Corp. (NASDAQ:ONNN) to add to its 5.1% stake in the semiconductor components manufacturer.

The hedge fund initially held 23,236,915 shares in ON Semiconductor, and the latest acquisition will see it hold 23,271,938 shares.

ON Semiconductor Corporation, along with its subsidiaries, designs, manufactures, and markets semiconductor items for electronic systems and products worldwide

Citadel recently acquired 5.74% stake in Kodiak Oil and Gas (NYSE:KOG) and an additional stake in Marriott Vacations Worldwide Corp (NYSE:VAC), as previously featured in our articles.

The new addition will see Citadel Group share a voting power of 23,271,938 among its member firms at the board of ON Semiconductor.

Citadel manages assets with a total value of 11 billion and in the financial year 2011 managed a return of 17.7%, as compared to Tiger Global’s 45%, albeit with $6 billion worth of assets under management.

Further details on Citadel’s ownership at ON Semiconductors indicate that:

Citadel Advisors L.L.C, may be deemed to beneficially own 23,236,915 shares of Common Stock, which is approximately 5.1%, and thus represents an equivalent voting power at the board of 5.1%.

Citadel Holdings II L.L.C,  may be deemed to beneficially own 23,236,915 shares of Common Stock, which is the same as Citadel Advisors, and therefore the same voting power.

Citadel Investment Group II L.L.C, may be deemed to beneficially own 23,271,938 shares of Common Stock, or 35,025 shares more than the initial amount, thus adding on the voting power respectively.

Mr. Kenneth Griffin, may be deemed to beneficially own 23,271,938 shares of Common Stock, which also means he has the same voting power as Citadel group, him being, directly represented by the group.

For this reason, it is pretty obvious that Citadel will be better represented in the board, through either Citadel Investment group or Mr. Kenneth Griffin, which gives the company more voting rights, as compared to the case of Citadel Advisors and Citadel holdings.