(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