July 28 (Reuters) - Nelson Peltz’s Trian Fund Management LP has urged Ferguson Plc to sell its UK business, Sky News reported on Sunday, a month after the activist fund built up a 6% stake in the plumbing products distributor.
The move is part of a broader strategic shift at Ferguson sought by the billionaire U.S. investor and includes scrapping its London stock market listing and switching it to a U.S. listing, Sky News said bit.ly/2KmrfSP.
Trian had acquired a stake worth 736 million pounds ($911.17 million) in June because it believed the company was an attractive investment trading at a discount to peers in the United States.
An auction would attract significant interest from private equity firms, if the company’s board elected to pursue a sale of the UK arm, Sky News added, citing city sources.
Neither Ferguson nor Trian immediately responded to Reuters’ requests for comments. ($1 = 0.8078 pounds) (Reporting by Bhargav Acharya in Bengaluru, editing by Deepa Babington)