Rentokil shares soar after activist investor Peltz builds stake
Adds detail in paragraph 2,3 and background in paragraphs 5,11
June 11 (Reuters) -Shares of Rentokil Initial RTO.L jumped 16% on Wednesday after activist investor Nelson Peltz's Trian Fund Management amassed a significant stake in the British pest-control firm.
The New York-based hedge fund, now among the top 10 shareholders in Rentokil, said it had reached out to the company to discuss "ideas and initiatives", a spokesperson said, confirming a Bloomberg News report on Tuesday.
Rentokil's shares have lost more than a third of their value in the past 12 months. The stock took a big tumble in October after the company warned of soft demand in North America, its largest market.
It was the top gainer on the FTSE 100 on Wednesday.
The stake build-up comes at a time when investors are wary of London listings following Brexit-related complications that have squeezed UK market valuations.
Rentokil agreed to buy Terminix in 2021, helping the British company build scale in North America and create a global pest control services giant for both offices and homes.
Peltz is known for his attempts to shake up big firms.
His latest move at Walt Disney DIS.N culminated in his fund selling its entire stake after a boardroom battle with the media giant, according to a media report.
Back in 2019, he urged London-listed plumbing equipment maker Ferguson FERG.L to sell its UK business, according to a Sky News report. Ferguson moved its primary listing to New York in 2022.
His fund still holds a 1.2% stake in Ferguson, according to LSEG data.
Several companies have moved their primary listing or even ditched their London listings in favour of New York, especially in cases where they have a big exposure to North America. Flutter FLTRF.L and CRH CRH.N are other examples.
Peltz also has a stake and a board seat at British consumer goods giant Unilever ULVR.L and endorsed the appointment of Hein Schumacher as its CEO last year.
Rentokil Initial did not immediately respond to requests for comment.
Reporting by Urvi Dugar and Yadarisa Shabong in Bengaluru; Editing by Alan Barona, Saumyadeb Chakrabarty and Christina Fincher
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