You’d think that Nelson Peltz and his fellow operatives at Trian Partners would be down in the dumps after recently losing a hotly contested proxy fight to win seats on the DuPont board. That wasn’t the case when Barron’s met with Peltz and his Trian hedge fund co-founders, son-in-law Edward Garden and longtime business sidekick Peter May. They were upbeat, even defiant in our discussions in their conference room on the top floor of a Park Avenue office building.
They had ample cause to be bitter. Peltz, 73, would be on the DuPont (ticker: DD) board had just one of the big index funds families, Vanguard Group, State Street Global Advisors, or BlackRock, swung to Trian’s side, as most active money managers did. Another 5% of the shares voting Peltz’s way would have carried the day in what many viewed as an important test for activist shareholders….
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BARRONS By Jonathan R. Laing