Peltz's Trian Fund to unveil stake in Ingersoll Rand-WSJ

Wed May 9, 2012 1:29am EDT

May 9 (Reuters) - Trian Fund Management, owned by activist investor Nelson Peltz, is set to unveil it has a more than 7 percent stake in industrial conglomerate Ingersoll Rand Plc , the Wall Street Journal said, citing people familiar with the matter.

The stake, which is valued at about $900 million, would be Trian's largest investment in a single company, the newspaper said.

The deal would also make Trian one of Ingersoll Rand's biggest shareholders, the newspaper said.

"Ingersoll Rand does not comment on speculation. We can say that Ingersoll Rand regularly and actively engages with all of our investors, and we welcome, respect and appreciate the constructive views of all of our shareholders," company spokeswoman Misty Zelent told Reuters.

Some analysts, including at AllianceBernstein and JPMorgan Chase, last year said Ingersoll-Rand shares are undervalued partly because it is a conglomerate that could possibly benefit from separating differing business units or selling off certain divisions, according to the newspaper.

Zelent said the Journal article refers to "some older analyst reports" and also pointed out that the company's share price is up 40 percent so far this year.

However, based on a different measure, the company shares are down about 15 percent over the past one year despite the run up in recent times.

Trian could not immediately be reached for comment by Reuters outside of regular U.S. business hours.

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