Fri, Mar. 13, 4:48 PM
- DuPont (NYSE:DD) tells Trian Fund Management that it does not believe direct representation by a Trian principal is an acceptable resolution that serves the best interests of all shareholders, according to a letter that is reprinted in an SEC filing.
- DuPont says it is prepared to add one of the nominees suggested by the hedge fund, John Myers, to its board; Trian had proposed all four of its nominees be added to the board.
- "Since it made its investment, Trian has been singularly focused on a high-risk agenda to break up and add excessive debt to DuPont," CEO Ellen Kullman writes in a letter to the hedge fund.
Thu, Mar. 12, 10:49 AM
- In a "Squawk on the Street" interview, activist investor Nelson Peltz said DuPont (DD +0.6%) CEO and Chair Ellen Kullman had offered to place one of Trian's nominees on DuPont's board, but he turned down the offer.
- "I said that didn't work then. It's not working now," said Peltz. "I'm willing to have two directors on the DuPont board, me being one of them."
- Peltz also wants to place two members on the board of the DuPont spinoff company, Chemours, and said that company's corporate governance must be changed.
- Previously: Trian solicits proxies for Peltz election to DuPont board (Feb. 11 2015)
- Previously: DuPont reportedly meets with Trian's board nominees (Feb. 03 2015)
- Previously: Trian slams DuPont, nominates four to board (Jan. 08 2015)
Wed, Mar. 11, 8:12 AM
- EU politicians today will sign a new law on the cultivation of GMO crops in the European Union, clearing the way for a wave of approvals after years of deadlock.
- One of the first crops to gain endorsement likely will be the insect resistant corn 1507 that developers DuPont (NYSE:DD) and Dow Chemical (NYSE:DOW) have been waiting 14 years for authorization to cultivate in the EU.
- The compromise law gives member states the right to ban GMO crops even after European Commission approvals; Britain favors GMO crops, while France is among the nations that oppose them.
Thu, Mar. 5, 6:45 PM
- DuPont (NYSE:DD) says an unplanned outage at its Chambers Works chemical plant in New Jersey will challenge Q1 productivity and earnings in its safety and protection segment.
- In discussing its presentation at today's JP Morgan Aviation, Transportation and Industrials Conference detailing its efforts in advanced materials, the company says it is focused on "a $50B portion of a $500B potential market.”
- Shares -0.4% AH.
Tue, Mar. 3, 6:56 PM
- DuPont (NYSE:DD) nixes a request from Trian Fund Management to use a universal ballot in a coming vote on directors, just weeks after the company rejected the hedge fund’s board nominees and proposed two of its own.
- DuPont says it will continue to rely on proxy cards, which will force shareholders to either vote for or against its slate of directors; a universal ballot would put both Trian’s four nominees and DuPont’s full 13-member board on the same paper document sent to shareholders.
- While the issue seems technical, the decision can affect the ability of smaller investors to pick and choose directors from each side’s slate, which is particularly important at DuPont since it has a base of nearly 600K individual shareholders.
- DuPont and Trian are engaged in a bitter fight over the performance and future of the company, with the hedge fund believing the company's agriculture and industrial chemicals businesses should be separated.
Tue, Feb. 17, 10:33 AM
- DuPont (DD -0.3%) says proposals from Trian Fund to break up the company and add more debt are not in the best interest of shareholders, and that Trian has launched a proxy fight which is based on "inaccurate data and flawed analyses to distract from DuPont's track record of strong performance."
- DuPont says its management team remains focused on a restructuring plan launched in 2009 it believes is laying the foundation for future success, and notes that returns during one-, three- and five-year periods outperformed its peers and the S&P 500.
- Trian, run by Nelson Peltz, has been pushing to gain four seats on the DuPont board.
Wed, Feb. 11, 10:22 AM
- Trian Fund files a proxy statement urging DuPont (DD -0.3%) shareholders to vote for its slate of four nominees to the board, including Nelson Peltz.
- Trian also describes initiatives it believes DuPont should take to improve financial and operational performance and corporate governance, adding that It is "not acceptable that earnings in 2012, 2013, 2014 and, according to DuPont's own guidance, 2015, are all below earnings in 2011."
- DuPont last week named two new directors to its board, saying it would have considered a Trian nominee but the fund refused any proposals that did not include Peltz on the board.
Tue, Feb. 10, 2:14 PM
- Nelson Peltz's Trian Fund and other investors are raising questions about the stock holdings of DuPont (DD -0.1%) Chairman/CEO Ellen Kullman, who exercised stock options and sold more than 500K shares of DuPont stock after Trian went public with its campaign to split DuPont's businesses, WSJ reports.
- DD shares hit 15-year highs following Trian’s move.
- Combined with other, earlier sales that also came from exercising stock options, Kullman last year reduced her total exposure to DuPont stock by 35%.
- InsiderScore.com, which monitors such filings, says the sales “raised red flags and sent a negative value message."
- DuPont says Kullman’s sales were part of a prearranged trading program that could not be stopped because it was around the time the company was set to release its earnings report.
Fri, Feb. 6, 7:57 AM
- Design flaws in the network of pipes and valves at DuPont's (NYSE:DD) plant in La Porte, Tex., led to the release of a toxic chemical that killed four workers in November, according to an investigation by the U.S. Chemical Safety Board.
- The workers were poisoned by exposure to methyl mercaptan, which is used to make insecticide produced at the plant.
- DuPont has been praised for safety by industry watchdogs, and the La Porte plant had a reputation for operating safely, but also was cited several times over the years by state regulators for chemical releases.
Thu, Feb. 5, 11:23 AM
- DuPont (DD +0.7%) appoints two new directors to its board with experience in corporate breakups and restructurings, a move that comes as it faces pressure from activist investor Nelson Peltz to split itself up.
- Current Tyco chairman Edward Breen and former LyondellBasell CEO James Gallogly will join the board effective immediately; Breen's experience with TYC includes overseeing two break-ups of the company, and Gallogly led LYB through a bankruptcy process and a restructuring.
- Two current directors are transitioning off the DuPont board to eventually serve as directors at Chemours Co., DuPont’s performance chemicals business that is being spun off.
- DuPont says Peltz's Trian Fund refused any proposals that did not include Peltz himself joining the board.
- Shares have been halted for the past hour.
Tue, Feb. 3, 4:37 PM
- DuPont (NYSE:DD) has interviewed Trian Fund's slate of directors, including its founder Nelson Peltz, Reuters reports, in a step that could lead to a compromise with the activist investment firm.
- Trian announced last month its intent to nominate Peltz and three others to DuPont's board; while DD has said it would review the nominations, the interviews would represent the first sign that the company is moving to assess their candidacy.
Fri, Jan. 30, 8:13 AM
- DuPont (NYSE:DD) is cutting 2014 bonuses and delaying 2015 salary increases until July 1, Bloomberg reports quoting an internal memo distributed on Tuesday.
- "We set our targets and objectives, and our compensation is tied to the achievement of those targets," CEO Ellen Kullman said in the memo. "It is important to recognize that in 2014, we did not meet all of our targets."
- Meanwhile, Moody's has placed the ratings of the company under review for downgrade, citing expectations that it will return substantially all of the one-time dividend proceeds from the spinoff of its Performance Chemicals business to shareholders.
- "DuPont is effectively increasing its leverage by returning all or substantially all of $4B in proceeds from Chemours to shareholders," said Moody's analyst James Wilkins.
Thu, Jan. 29, 2:37 PM
Tue, Jan. 27, 7:25 AM
- Net income of $683M vs. $185M in the same quarter a year ago. Operating earnings per share of $0.71 vs. $0.59 per share last year.
- Net sales fell 5% to $7.38B, primarily due to portfolio changes and negative currency impacts.
- DuPont (NYSE:DD) says it will still reach its goal of $1B in cost reductions by 2015 and would now aim for $1.3B in overall savings by 2017.
- The company also expects to buy back up to $4B in shares using the dividend from the spinoff of its performance chemicals business.
- DuPont gave a disappointing outlook for 2015 due to a significant hit from the strengthening dollar, and expects to post per-share earnings of $4.00-$4.20 for the year, below analyst projections of $4.46.
- The forecast may add to the pressure from activist investor Trian Fund Management, headed by Nelson Peltz, who has argued the company’s share value could effectively double if it split itself into three.
- DD -1.5% premarket
- Q4 results
Tue, Jan. 27, 6:12 AM| 1 Comment
Mon, Jan. 26, 5:30 PM
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E I du Pont de Nemours & Company is a science and engineering company that offers products and patents applications for agriculture, nutrition, electronics and communications, safety and protection, home and construction, transportation and apparel.
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