By Paul Ziobro
Nelson Peltz's Trian Fund Management LP reported no position in
MeadWestvaco Corp. (MWV) after last quarter disclosing it had
accumulated nearly 1.6 million shares of the packaging company.
The most recent filing also shows that Trian cut its stake in
custody bank State Street Corp. (STT) by nearly a quarter, to 2.4
million shares.
The update to Trian's holdings were reported in a securities
filing late Wednesday, showing a snapshot of the firm's portfolio
as of March 31.
Trian's previous 13F filing, a form that disclosed the holdings
of investors that manage over $100 million at the end of each
quarter, showed that it had taken a new position in MeadWestvaco,
which makes packaging for health-care, beauty and tobacco
industries, among others, toward the end of 2012.
The most recent filing also showed Trian with significantly
higher stakes in two food companies, Mondelez International Inc.
(MDLZ) and PepsiCo Inc. (PEP), than in the prior quarter. The firm
reported owning 40.3 million shares of Oreo cookie-maker Mondelez
and 12 million shares of snack-and-drink giant PepsiCo.
The Wall Street Journal last month reported that Trian had
accumulated the increased stakes in the two companies, a moved that
fueled speculation that Mr. Peltz may push PepsiCo to split its
snack and drink businesses or merge with Mondelez--or both. Mr.
Peltz has met with PepsiCo executive in recent months to discuss
his ideas for the company.
Write to Paul Ziobro at paul.ziobro@dowjones.com
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