NEW YORK (AP) — A fight for control of DuPont Co is intensifying after the hedge fund led by activist investor Nelson Peltz announced plans to nominate its own slate of four directors to the industry titan’s board.
Its shares fell 1.4 per cent Friday.
Trian Fund Management LP, which holds about a 2.7 per cent stake in DuPont, has been hammering away at the more than 200-year-old, $67.5 billion chemical company for almost two years now, pushing to split it into two.
Trian has called for the agriculture, nutrition and health and industrial biosciences units to be combined into a single growth company, separate from the more cyclical businesses of performance materials, safety and protection, and electronics and communication. It also wants the performance chemicals unit separated.
While DuPont has already announced plans to spin off the performance chemicals segment, Trian said that the plans include “poor corporate governance and punitive anti-takeover measures” that show a disconnect from shareholders.