RE: Serious interest too Nelson Peltz's Trian fund into RTO25 Sep 2024 08:46
Https://www.ft.com/content/504ffa30-7031-4f95-ad4f-9535e4f562a9
Trian said that it has a “significant position” in Rentokil, making it a top-10 shareholder. It “has reached out to Rentokil to discuss ideas and initiatives to improve shareholder value,” the firm said, adding that it “looks forward to working with Rentokil’s leadership team”.
Peltz is best known for his turnaround campaigns at big consumer goods companies such as Mondelez, Heinz and Procter & Gamble. Trian’s playbook is to buy a stake in a listed company and agitate for improvements, often by seeking a board seat and sometimes pushing for divisions to be broken up or sold.
In Trian’s almost 20 years in business it has taken on more than 30 engagements — ranging from behind-the-scenes dialogue to all-out proxy war — at some of the world’s largest consumer, financial and industrial companies.
UK investment platform AJ Bell suggested that Trian could call on Rentokil to shift its listing to New York, echoing a strategy it adopted when it took a stake in UK plumbing and heating equipment supplier Ferguson.
The multibillion-dollar pest control industry expanded strongly during the pandemic because of increased concerns about viruses and diseases stemming from Covid-19. More recently, customers have been worried about the rise of bedbug infestations, particularly in France and the UK.
Revenue from the group’s North America operations was £3.3bn in 2023, accounting for more than half of its global sales of £5.3bn.
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