October 9, 2018 / 10:01 PM / a year ago

Trian Fund takes 2.6 percent stake in PPG Industries: WSJ

Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake

(Reuters) - Nelson Peltz's hedge fund Trian Fund Management has taken a stake of 2.9 percent stake valued at $690 million in paints and coatings maker PPG Industries, the Wall Street Journal reported here, citing a person briefed on the matter.

The fund disclosed in a regulatory filing here on Tuesday that as of June 30 they held of 2.6 million shares or 1 percent stake in the company.

Shares of the company rose 5.7 percent to $104.20 in after-market trading.

PPG declined to comment on the investments of specific shareholders, adding that it “is looking forward to maintaining a constructive dialogue with Trian”.

Reporting by Sanjana Shivdas in Bengaluru; Editing by Arun Koyyur

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