- Plumbing products distributor Ferguson rallied after revealing that Nelson Peltz’s Trian Fund Management had acquired a stake of about 6% in the company in a deal valued at about £736m.

Trian Investors 1 acquired in a 5.98% stake in Ferguson, valued at approximately £736m, saying the plumbing products distributor was an 'attractive' investment as it traded at a discount to peers in the United States.

As of June 12, Trian had invested approximately £250m in Ferguson at an average cost basis of £52.85 per share.

'Trian has contacted members of Ferguson's management team and looks forward to working with them to explore and implement initiatives that it believes can create long-term shareholder value,' the company said.

At 10:21am: [LON:FERG] Ferguson Plc share price was +315p at 5625p

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