A hedge fund run by veteran activist investor Nelson Peltz has bought a 6% stake worth around £736 million in plumbing group Ferguson. A hedge fund run by veteran activist investor Nelson Peltz has bought a 6% stake worth around £736 million in plumbing group Ferguson. Trian said it believed Ferguson – previously called Wolseley – was “an attractive business that trades at a discount to comparable US peers” as it snapped up the holding. Ferguson has been overhauling its UK arm, axing branches and quitting unprofitable wholesale business in an attempt to turn around trading. Mr Peltz’s hedge fund already has stakes and seats on the boards of a raft of big US firms, such as General Electric and Procter & Gamble.

Source: Irish Independent June 13, 2019 08:15 UTC