- Trian Fund Management LP, which is headed by Nelson Peltz, announced today that it had acquired a 6% stake in Ferguson Plc (LON:FERG).
- The activist investor said that the British plumbing and heating products distributor was trading at a significant discount to its US counterparts.
According to Trian Investors 1 Ltd, the company’s position is worth approximately £736 million ($934 million).
Ferguson’s performance has suffered this year amid weak growth from the US, which is its main market.
Trian is now the second largest Ferguson shareholder, behind BlackRock Investment Management (UK), which controls 10.46% of the company.
Trian said it looks forward to working with Ferguson’s management in order to “create long-term shareholder value.”