Sept. 28 (Bloomberg) -- Nelson Peltz’s hedge fund has cut its holdings of H.J. Heinz Co. in half over the past three months.
Trian Fund Management LP, Peltz’s New York-based activist fund, held about 1 million Heinz shares as of yesterday, according to a filing with the U.S. Securities and Exchange Commission. In June, Trian owned about 2 million shares, according to data compiled by Bloomberg.
In 2006, Peltz and his associates won board seats at Heinz, the world’s biggest ketchup maker, and pushed Chief Executive Officer William Johnson to increase advertising spending and introduce healthier products. In 2007, Peltz held as many as 19 million Heinz shares.
Heinz, which is based Pittsburgh, Pennsylvania, lost 67 cents to $51 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have gained 3.1 percent this year.
--Editors: Robin Ajello, Stephen West
-0- Sep/28/2011 22:08 GMT
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