One of the world's most prominent activist investors is pushing the FTSE-100 plumbing and heating giant Ferguson to sell its UK operations as part of a wholesale retreat from Britain.
Sky News understands that Nelson Peltz, whose Trian investment vehicle spent more than £700m on buying a 6% stake in Ferguson last month, has told the company's board it wants it to explore a sale of its UK arm. The move would be part of a broader strategic shift by Ferguson sought by Mr Peltz, which would include scrapping its London stock market listing and switching it to the US.Although it is a member of the UK's blue-chip share index, Ferguson's revenues are dominated by its business on the other side of the Atlantic.Advertisement
If Ferguson's board does elect to pursue a sale of the UK arm, City sources believe an auction would attract significant interest from private equity firms. Travis Perkins, the builders' merchant, is also running a sale process for its plumbing and heating business.
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