Ferguson, formerly known as Wolseley, has reported slowing growth in America FergusonA British plumbing equipment distributor rose to the top of the FTSE 100 this morning after an American activist fund disclosed a 6 per cent stake in the business. Trian Fund Management, which is owned by the billionaire investor Nelson Peltz, revealed its investment in Ferguson days after the company reported slowing growth in the US, its largest market. Trian is known for taking stakes in companies it believes are undervalued and calling for change to benefit shareholders. Its stake is valued at about £730 million and makes it Ferguson’s second-biggest shareholder. The FTSE 100 added about 23.58 points, or 0.3 per cent, to 7,391.2 as investors continued to monitor the US-China trade dispute.

Source: The Times June 13, 2019 11:03 UTC