Peltz's Trian Holds Steady Stakes in Mondelez, PepsiCo

   By John Kell 
 

Nelson Peltz's Trian Fund Management LP held a steady stake in Mondelez International Inc. (MDLZ) in the period ended Sept. 30, a company the activist investor has put some pressure on since amassing a stake earlier this year.

Mr. Peltz--who in July proposed spinning off PepsiCo Inc.'s (PEP) beverage business and merging its snack business with Mondelez to create a $70 billion snack food giant--in a regulatory filing Thursday disclosed his fund held the same amount of shares at the end of the third quarter as it did as of June 30.

Trian's stake in PepsiCo was also unchanged. Those two companies are the largest positions held by Trian, in terms of valuation.

Last month, Mr. Peltz escalated the pressure on Mondelez with a surprise presentation accusing the company of doing too little to cut costs. He claimed the company could boost earnings if it did a better job managing costs.

Trian also disclosed that it exited the firm's stakes in two companies, trust bank State Street Corp. (STT) and auctioneer Sotheby's (BID). Sotheby's has faced recent pressure from other activist investors calling for shareholder-friendly action.

Overall, the value of Mr. Peltz's holdings grew to $5.46 billion at the end of the third quarter from $5.08 billion at the end of the prior quarter, according to the filing with the Securities and Exchange Commission.

Write to John Kell at [e-mail]

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