Excerpt from our One-Page WSJ Summary:
Summary: Nelson Peltz, who represents a 5% stake in Heinz, recently moved from the dissident's seat to a board seat. Mr. Peltz has considerable experience in turning around underperforming businesses: in 1997, he bought Snapple for $300 million and quickly made a $700 million profit. Traditionally, he has taken control positions. In Heinz, however, he'll be one of 12 directors, and WSJ's Nik Deogun asks if he can be effective: "A muzzled Nelson Peltz is an ineffective Nelson Peltz." One of his first moves could be changing the CEO. PepsiCo (NYSE:PEP) is thought by insiders to be a source of potential candidates including Vice Chairman Michael White and Pepsi Bottling Group (PBG) Chairman John Cahill.
Related links: Full WSJ article •HNZ Quarterly Conference Call Transcript • No Wonder Heinz Investors are Discontented • The Battle for Heinz Ownership Begins • Houston Chronicle: Standard & Poor's Downgrades Heinz
Potentially impacted stocks and ETFs: H.J. Heinz Company (HNZ). Competitors: Kraft Foods Inc. (KFT) • Campbell Soup Co. (NYSE:CPB) • ConAgra Foods Inc. (NYSE:CAG) • Group DANONE (DA)
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