Trian Fund Takes Activist Pentair Stake ~ market folly

Tuesday, June 30, 2015

Trian Fund Takes Activist Pentair Stake

Nelson Peltz's activist firm Trian Fund Management has filed a 13D with the SEC regarding shares of Pentair (PNR).  Per the filing, Trian now owns 7.24% of the company with over 13 million shares.

This is a brand new stake for Trian as they didn't own any shares as of the end of the first quarter.  The filing notes that they've engaged management already. 

They were out buying shares in May and June at prices between $61.9163 and $64.3024.  The firm also entered into call and put transactions (May 2016 and June 2018 calls).

Trian wants Pentair to expand via acquisitions and the Wall Street Journal has more color on their thinking here.

We've also recently highlighted other portfolio activity from Trian here.

Per Yahoo Finance, Pentair is "operates as a diversified industrial manufacturing company in the United States, Europe, and internationally. The company operates through Valves & Controls, Technical Solutions, Flow & Filtration Solutions, and Water Quality Systems segments. It designs, manufactures, markets, and services valves, fittings, automation and controls, and actuators, as well as provides engineering, design, inspection, maintenance, and repair services."

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