By Angela Chen
DuPont Co. said Monday that it opposes efforts by Trian Fund
Management LP to replace four directors, calling the activist
investment firm "value destructive."
A representative for Trian wasn't immediately available for
comment.
Among the nominees opposed by DuPont is John Myers, the former
chief executive of GE Asset Management, part of General Electric
Co. In March, DuPont had offered to add Mr. Myers to the board as
part of a "constructive resolution."
Monday, DuPont appeared to remove that offer, saying Trian's
efforts to replace board members were "not in the best interests of
shareholders." The company said Trian's candidates, including
co-founder Nelson Peltz, lack experience in the chemicals
industry.
Trian has been aiming to shake up the 212-year-old chemicals
company and has been pressing for a further split into one company
focused on agriculture and nutrition and another focused on
industrial materials.
In February, DuPont named two new directors in a board revamp
that excluded Trian nominees, ratcheting up the tension in the
high-profile battle.
With a market capitalization of $67.5 billion, DuPont ranks
among the largest-ever targets of a proxy fight by an activist
investor. Trian owns about 2.7% of DuPont's shares.
Before Trian got involved, DuPont had agreed to spin off its
performance-chemicals business, which will be named Chemours Co. It
expects to return about $4 billion in one-time dividend proceeds
from Chemours to shareholders.
Shares of DuPont have been down about 3% this year through
Thursday's close.
Write to Angela Chen at angela.chen@dowjones.com
Access Investor Kit for E.I. du Pont de Nemours & Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US2635341090
Access Investor Kit for General Electric Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US3696041033
Subscribe to WSJ: http://online.wsj.com?mod=djnwires