DuPont shares soared to their highest point in more than 13 years Wednesday, after a report that activist investor Nelson Peltz of Trian Fund Management has bought up a significant stake in the company.
During a presentation at its Delivering Alpha conference, CNBC reported that it learned through unnamed sources that Peltz is amassing a big stake in DuPont. The conference is sponsored by CNBC and Institutional Investor.
Peltz would neither confirm nor deny the report.
"You asked me in the green room about 10 minutes ago," Peltz told CNBC. "'If you say DuPont, what comes to mind?' Remember what I told you? I said paint ... That is all you are going to get."
Delaware-based DuPont is a diversified science and technology company that makes agriculture, consumer electronics and other products. It sold its coatings business, which produces automotive and industrial paints, for $4.9 billion to private equity firm The Carlyle Group in a deal that closed in February.
Trian had no stake in E.I. du Pont de Nemours and Co. as of March, according its most recent filing with the SEC on its holdings. There is often a lag between when an investor buys more than a 5 percent stake in a company and when that information is made public through U.S. Securities and Exchange Commission filings.
Trian declined to comment. Dupont spokesman Mike Hanretta said the company does not comment on rumors and speculation.
Shares of DuPont jumped $2.87, or 5.3 percent, to close at $57.25. Its shares hit $57.68 in the hours before closing, the highest point since April 2000 for the Dow Jones industrial average component.
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