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Activist Peltz's Trian urges Ferguson to sell UK business - Sky News

July 28, 2019 at 05:18 pm EDT

(Reuters) - Nelson Peltz's Trian Fund Management LP has urged Ferguson Plc to sell its UK business, Sky News reported on Sunday, a month after the activist fund built up a 6% stake in the plumbing products distributor.

The move is part of a broader strategic shift at Ferguson sought by the billionaire U.S. investor and includes scrapping its London stock market listing and switching it to a U.S. listing, Sky News said.

Trian acquired a stake worth 736 million pounds in June because it believed the company was an attractive investment trading at a discount to peers in the United States.

Trian said at the time it was in contact with the management of the company, but gave no details on its strategy.

The company's UK operations could be worth around 700 million pounds, Sky News said, citing analysts.

An auction would attract significant interest from private equity firms, if the company's board elected to pursue a sale of the UK arm, Sky News added, citing city sources.

Trian declined to comment while Ferguson did not immediately respond to Reuters' request for comment.

(Reporting by Bhargav Acharya and Shubham Kalia in Bengaluru, editing by Deepa Babington and Sonya Hepinstall)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	FERGUSON PLC	16,970 GBX	+0.80%	-1.11%	42.13B
	TRIAN INVESTORS 1 LIMITED	185.5 GBX	-.--%	-1.85%	3.17M

Nelson Peltz

Nelson Peltz (born June 24, 1942) is an American businessman and a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management. L.P., an alternative investment management fund, based in New York.

Early life and education
Peltz was born in 1942 to a Jewish family in Brooklyn, New York, He was enrolled at the undergraduate program at the Wharton School of the University of Pennsylvania, where he joined the Fraternity of Phi Gamma Delta, but never completed his degree. Triangle was sold to Pechiney in 1988.

In 1997, through an investment vehicle they controlled, Triarc Cos, Peltz and May acquired Snapple, from Quaker Oats. Snapple, together with other beverage brands was sold to Cadbury Schweppes in 2000. The Snapple turnaround was featured as a Harvard Business School case study.

In 2006 Trian was involved in a proxy contest with Heinz to get five independent directors on the board of Heinz. In the end Trian succeeded in getting two members on the board, including Peltz.

In 2007, Trian bought a 3% share of Cadbury-Schweppes which may have influenced the spin-off of Cadbury Schweppes Americas Beverages from the Cadbury Schweppes confectionery group. In 2007, Trian also bought $1.8 billion in shares of Kraft Foods, roughly a 3% of the total equity of the food maker.Cite news| url = |title= Peltz Has His Slic

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Linked companies
Trian Partners General Partner LLC Trian Partners General Partner LLC Miscellaneous Commercial ServicesCommercial Services Trian Partners General Partner LLC provides business services related to hedge funding. The company is the general partner of Trian Onshore, Trian Offshore, and Trian Offshore (Non-ERISA). It is located in New York, NY.	Chief Executive Officer
Trian Fund Management LP Trian Fund Management LP Investment ManagersFinance Trian Fund Management LP (Trian) is an independent, SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded by Nelson Peltz, Edward Garden and Peter May in 2005 and do-business-as Trian Partners. Trian provides discretionary investment advisory services to a variety of domestic and offshore private investment partnerships and other investment vehicles.	Chief Executive Officer

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