Trian takes $3.5bn stake in P&G
Trian Fund Management has disclosed that it bought a $3.5bn stake in Procter & Gamble, maker of Gillette razors and Crest toothpaste.
The move makes Trian the second activist shareholder to become involved in the consumer products giant in the last five years, and it is now the largest stakeholder in P&G by some margin.
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Trian is an investment fund founded in 2005 by Nelson Peltz, Ed Garden and Peter May, which focuses on consumer brand companies, industrial and financial firms. It is known for taking large stakes in companies and pushing for board representation so it can boost revenues and cut costs.
Currently, Trian is invested in Mondelez, maker of Orea and Cadbury chocolate, as well as General Electric.
The last investor to take aim at P&G was activist hedge fund Pershing Square Capital Management. It invested in P&G in 2012 and called for then chief executive Robert McDonald to be ousted.