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(Reuters) – Trian Fund Management LP Nelson Peltz has urged Ferguson Plc (FERG.L), Sky News announced Sunday, a month after the equity stake of 6% of the activist fund in the distributor of plumbing products.
The 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.
Trian had acquired a stake of 736 million pounds sterling ($ 911.17 million) in June, as it was convinced 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 of Bhargav Acharya in Bengaluru, edited by Deepa Babington
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