CNBC’s Andrew Ross Sorkin speaks to Nelson Peltz, Trian Fund Management CEO, about breaking up PepsiCo, Inc. (NYSE:PEP). Peltz says the fight is not over and there still could be a proxy contest.
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Delivering Alpha – Nelson Peltz: PepsiCo proxy contest possible
Delivering Alpha – Nelson Peltz on BNY Mellon
CNBC’s Andrew Ross Sorkin speaks to Nelson Peltz, Trian Fund Management CEO, about his investment in The Bank of New York Mellon Corporation (NYSE:BK).
CNBC’s Andrew Ross Sorkin speaks to Nelson Peltz, Trian Fund Management CEO, about the complexity of DuPont’s business and how simplification could help the company grow.
okay, we are having conversations with dupont. those conversations will have an end very soon, one way or the other. and they are going how? i don’t know yet, okay? i don’t know. the last conversation we had with them i felt was quite constructive. let me tell you what’s going on at dupont. what’s happened at dupont is they did some very good things. they on the balance sheet side announced the largest buyback they ever made in history. they got out of some businesses that we felt they should have. they agreed to spin off performance chemicals, which is about 20% on the revenue line of the business. all great moves. on the negative side, they have missed their guidance for three years in a row, okay? and what was fascinating is when i said paints, but they wrl weren’t in the paint business. they sold that business to carlisle. and here’s a fascinating story. when carlisle bought the paint business, dupont said they sold the business for about 12 1/2 times ebitda. when carlisle put out a bank book to finance it, they said they bought it at about 6 1/2 times ebitda. now, nobody was lying. nobody was — everybody was telling the truth. the difference is the allocation of corporate overhead, which carlisle obviously decided that they didn’t need, okay? so, dupont is a conglomerate. it’s a complex business. and we are always trying to simplify businesses, because simple businesses grow faster. complex businesses don’t. and that’s what needs to be done at dupont. and we will know some time before the middle to the end of the summer whether these conversations have been constructive or not, but — and then you — if they’re not constructive — assuming they’re not constructive — then you and i will talk again in front of a microphone.
Nelson Peltz, Trian Fund Management CEO, says the market is more expensive than he would like it to be but still believes there are opportunities in individual names.
Peltz: Proxy contest with Pepsi?
WED 16 JUL 14 | 03:43 PM ET
Nelson Peltz of Trian Fund Management hinted at the potential for a proxy contest at Pepsi during an interview at the Delivering Alpha conference presented by CNBC and Institutional Investor Wednesday.