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(Reuters) – Trian Fund Management LP Nelson Peltz urged Ferguson Plc <FERGSky News announced Sunday, a month after the activist fund had acquired 6% stake in the distributor of plumbing products.
This decision is part of a broader strategic shift at Ferguson, sought after by the US billionaire, including removing its listing on the London Stock Exchange and replace it with an American company, said Sky News at the time. address http://bit.ly/2KmrfSP.
Trian acquired a stake of £ 736 million in June, believing that the company was an attractive investment, trading at a discount to its peers in the United States.
An auction would spark considerable interest from private equity firms if the company's board of directors decided to give up the British arm, Sky News quoted city sources as saying.
Neither Ferguson nor Trian immediately responded to Reuters' requests for comment.
(Report from Bhargav Acharya to Bengaluru, edited by Deepa Babington)
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