Rentokil shares soar after report of Peltz's stake
Adds shares and background throughout
June 11 (Reuters) - Shares of Rentokil Initial RTO.L jumped 16% on Wednesday after a report saidNelson Peltz's Trian Fund Management had amasseda significant stake in the Britishpest-control firm.
The activist investor, now among the top 10 shareholders in Rentokil, had reachedout to the company to discussstrategies, Bloomberg News reported late on Tuesday, citing people familiar with the matter.
Trian Fund Management and Rentokil Initial did not immediately respond to Reuters' requests for comment on the report.
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.
It was the top gainer on the FTSE 100 on Wednesday on news of Peltz's stake.
Rentokil agreed to buy Terminix in 2021, helping the British company build scale in North America andcreate a global pest control services giant for both offices and homes.
Peltz, an activist shareholder, is known to call for changes at 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 urgedLondon-listed plumbing equipment makerFerguson 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.
Peltz also has a stake and a board seat at British consumer goods giant UnileverULVR.L andendorsed the appointment of Hein Schumacher as its CEO last year.
Reporting by Urvi Dugar and Yadarisa Shabong in Bengaluru; Editing by Alan Barona and Saumyadeb Chakrabarty
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