Monday, 25 July 2016
Last updated 24 min ago
Aug 16 2013 | 1:18am ET
Activist hedge fund Trian Fund Management has amassed a huge stake in chemical giant DuPont Co. and has already begun pushing for changes.
Trian, led by Nelson Peltz, has bought a 2.2% stake in DuPont worth $1.3 billion. And Peltz has wasted no time, having already met with DuPont CEO Ellen Kullman and other senior executives.
According to the Wilmington News-Journal, Peltz presented DuPont with one of his famous white papers, suggesting how to boost shareholder value and improve long-term growth prospects.
"We will evaluate any ideas Trian may have in the context of our ongoing initiatives to build a higher value, higher growth company for our shareholders," DuPont spokesman Michael Hanretta said.
DuPont this week adopted several poison pills, including provisions that would pay executives larger severance and changing the way that board candidates are nominated.