NEW YORK/BOSTON Billionaire investor Nelson Peltz bought 12.2 million shares in Kraft Foods Inc KFT.N during the first quarter, his investment firm reported this week.
Shares of Kraft Foods were up 1 percent at $34.53 on the New York Stock Exchange on Tuesday afternoon.
Based on that price, the new stake would be worth about $421.3 million. The stake represents about two-thirds of 1 percent of Kraft shares, based on the number of shares outstanding on April 29.
A spokeswoman for Peltz did not respond to a message.
Peltz holds the stake through his Trian Fund Management in New York. The company did not report the stake when it made its regular quarterly filing. Companies do not have to list holdings they are trading at that time.
Peltz previously owned a stake in Kraft, the maker of Oreo cookies, Oscar Mayer meats and other foods, and named two board members as part of a deal with the Northfield, Ill. company.
"We are aware of the disclosure of Trian's investment," a Kraft spokesman said in an e-mailed statement. "We welcome all shareholders that invest in Kraft Foods. As always, we'll continue to manage the business for the benefit of all shareholders."
(Reporting by Soyoung Kim, Martinne Geller and Ross Kerber. Editing by Gerald E. McCormick and Robert MacMillan)