Mon, May 21, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

CalSTRS backs Nelson Peltz’s call for Pepsi shake up

Thursday, July 24, 2014

Komfie Manalo, Opalesque Asia:

The California State Teachers’ Retirement System or CalSTRS has thrown its support to activist hedge fund manager Nelson Peltz’s move to shake up PepsiCo and install himself on the board of directors.

In a report published this week, Combuseceo.com said that CalSTRS, one of the largest pension funds in the U.S., wrote a letter to a senior Pepsi executive last month and urged the softdrinks maker to put Peltz on its board in a virtual support to the hedge fund manager’s campaign against the company.

Peltz, founder and the chief executive officer of Trian Fund Management, owns 0.8% stake in PepsiCo and has been engaged in a bitter "war" with the firm’s management since last year as he called for Pepsi to spin off its snacks business.

Early this year, the management of Pepsi rejected Peltz call and stated that after an "exhaustive review," its board made the decision not to sell the snacks business and its beverage unit would stay with the company.

Last week, Peltz told an audience of hedge fund insiders at a CNBC conference in New York that he was planning of launching a proxy war against PepsiCo.

Opalesque reported earlier that Peltz was hinting......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. News Briefs - Warren Buffett: Target date funds aren't the way to go, Cambridge Analytica could be reborn under a different name[more]

    Warren Buffett: Target date funds aren't the way to go Planning for retirement can be complicated and stressful. This is why target date funds - funds that are managed based on when you expect to retire - are so attractive. Over time, the balance of stocks, bonds and cash evolve automati

  2. Investing - Hedge funds hike Smurfit Kappa positions amid takeover deal hopes, Hedge fund IBV Capital digs deep to unlock long-term value in a competitive market, Eisman of 'The Big Short' fame recommends shorting Deutsche Bank[more]

    Hedge funds hike Smurfit Kappa positions amid takeover deal hopes From Irishtimes.com: Two US hedge funds, Davidson Kempner and York Capital, have accumulated a combined 4.74 per cent interest in cardboard box maker Smurfit Kappa using financial derivatives. It comes as many investors cl

  3. Foundations of hedge fund managers gave big to controversial donor-advised funds[more]

    In the world of philanthropy and tax-deductible charitable giving, the explosion of donor-advised funds has touched off intense debate. Now, there is evidence that the DAF boom is being further fuelled by hedge fund foundation money. Four of the top five foundations that gave the most to large do

  4. Study: For hedge funds, smaller is better[more]

    From Institutionalinvestor.com: The smaller the hedge fund is, the better its performance is likely to be, according to a new study. The study - "Size, Age, and the Performance Life Cycle of Hedge Funds," released April 26 - sought to determine whether a hedge fund's size and age had any effect on i

  5. Hedge fund returns rose in April for first gain since January[more]

    From Bloomberg.com: Bloomberg Hedge Fund Database shows returns flat this year - Currency strategies had the biggest monthly gain at 13% Hedge fund returns increased 0.78 percent in April, reversing two consecutive monthly declines. The swing of 134 basis points was driven by gains in all seven