By John Kell
Nelson Peltz's Trian Fund Management LP held a steady stake in
Mondelez International Inc. (MDLZ) in the period ended Sept. 30, a
company the activist investor has put some pressure on since
amassing a stake earlier this year.
Mr. Peltz--who in July proposed spinning off PepsiCo Inc.'s
(PEP) beverage business and merging its snack business with
Mondelez to create a $70 billion snack food giant--in a regulatory
filing Thursday disclosed his fund held the same amount of shares
at the end of the third quarter as it did as of June 30.
Trian's stake in PepsiCo was also unchanged. Those two companies
are the largest positions held by Trian, in terms of valuation.
Last month, Mr. Peltz escalated the pressure on Mondelez with a
surprise presentation accusing the company of doing too little to
cut costs. He claimed the company could boost earnings if it did a
better job managing costs.
Trian also disclosed that it exited the firm's stakes in two
companies, trust bank State Street Corp. (STT) and auctioneer
Sotheby's (BID). Sotheby's has faced recent pressure from other
activist investors calling for shareholder-friendly action.
Overall, the value of Mr. Peltz's holdings grew to $5.46 billion
at the end of the third quarter from $5.08 billion at the end of
the prior quarter, according to the filing with the Securities and
Exchange Commission.
Write to John Kell at john.kell@wsj.com
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