DuPont Shares Jump on Report of Peltz Investment

Wednesday, 17 Jul 2013 05:30 PM

 

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DuPont shares soared to their highest point in more than 13 years Wednesday, after a report that activist investor Nelson Peltz of Trian Fund Management has bought up a significant stake in the company.

During a presentation at the Delivering Alpha conference, CNBC reported that it learned through unnamed sources that Peltz is amassing a big stake in DuPont. The conference is presented by CNBC and Institutional Investor.

Peltz would neither confirm nor deny the report.

"You asked me in the green room about 10 minutes ago," Peltz said to the interviewer. "'If you say DuPont, what comes to mind?' Remember what I told you? I said paint ... That is all you are going to get."

Delaware-based DuPont is a diversified science and technology company that makes agriculture products, consumer electronics items and, of course, paint.

Trian had no stake in E.I. du Pont de Nemours and Co. as of March, according its most recent filing with the SEC on its holdings. There is often a lag time between when an investor buys a more than 5 percent stake in a company and when that information is made public through U.S. Securities and Exchange filings.

Trian declined to comment. Dupont spokesman Mike Hanretta said the company does not comment on rumors and speculation.

Shares of DuPont jumped $2.87, or 5.3 percent, to close at $57.25. Its shares hit as high as $57.68 in the hours before closing, the highest point since April 2000 for the Dow Jones industrial average component.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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