Trian Targets Procter & Gamble, Discloses New $540 Million StakeBy
Trian Fund Management, the activist fund co-founded by Nelson Peltz, Peter May and Ed Garden, revealed a new stake in consumer company Procter & Gamble Co., sending shares higher.
The New York-based investor disclosed a $539.5 million investment in the maker of cleaning, beauty and health-care products in a regulatory filing Tuesday, for the period through Dec. 31. Procter & Gamble, which has a market capitalization of almost $225 billion, jumped as much as 4.3 percent in after-hours trading in New York.
A representative for Procter & Gamble said the company welcomes investment, declining to comment further
Peltz said Dec. 5 his firm had been building a stake in a new company, without identifying its target. Trian has ongoing active investments in Sysco Corp., General Electric Co., Mondelez International Inc., Bank of New York Mellon Corp., Pentair Plc, DuPont Co. and Wendy’s Co.
Trian, started in 2005, manages more than $10 billion and has typically focused its investments on consumer, industrial and financial companies, often targeting large conglomerates.
— With assistance by Lauren Coleman-Lochner