DuPont has issued a statement in response to comments made by a shareholder yesterday in regard to the company’s performance.
Nelson Peltz, described as an activist investor and principal of hedge fund Trian Fund Management, told CNBC that the prospects for a last-minute settlement with DuPont in a proxy battle were “dim.”
CNBC reports: “DuPont has refused to add Peltz to its board and has rejected his demand to split the company’s volatile materials business from the more stable units such as agriculture, nutrition and health, and industrial biosciences.
“Trian, DuPont’s fifth-largest shareholder with a 2.7 percent stake, has for months criticized DuPont’s underperformance and has called on the board to be more accountable. Shareholders will vote on whether Peltz should join DuPont’s board on May 13.”
In a statement, DuPont accuses Peltz of “mischaracterizing DuPont’s outperformance and making erroneous statements,” also noting that “Trian attempts to support its position by singling out DuPont’s agriculture business, but fails to mention facts that overwhelmingly contradict their position, including significant increases in the company’s North America market share for corn and soy of six and nine points respectively.”
A full statement is available here: http://www.dupont.com/content/dam/assets/corporate-functions/news-events/images/releases/20150511DuPontStatementOnTrianCNBCAppearance.pdf
