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DuPont proxy battle gets a date Jeff Mordock, The News Journal 2:59 p.m. EDT March 25,seattle seahawks jerseys combinations, 2015DuPont CEO Ellen Kullman speaks at an event in Greenville on Feb. 25, 2013. She said a plan to break up the company is “nothing more than high-risk financial engineering.”(Photo: KYLE GRANTHAM/THE NEWS JOURNAL)
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COMMENTEMAILMOREDuPont Co. CEO Ellen Kullman, , said a plan by activist investor Nelson Peltz to split the company is "nothing more than high-risk financial engineering."
She set May 13 as the annual shareholder meeting, when the new chemical giant's new board will be determined.
Kullman said a breakup "would destroy our innovation platform, diminish global reach,Limited David Bakhtiari Mens Jersey - Green Bay Packers 69 Alternate Navy Blue Nike NFL, weaken our brand and reduce our opportunity to drive revenue through cross-selling."
own 3 percent of DuPont, estimated to be worth $1.8 billion. The firm is seeking four seats on the 12-member board, including one for Peltz, and proposed dividing the company into three units.
Trian, founded in 2005,was involved in a similar proxy fight with H.J Heinz Co.
Peltz has previously advocated splitting DuPont into two. High-growth businesses such as agriculture nutrition and health and industrial biosciences would be one company. The remaining units, comprised of DuPont's high-cash businesses including performance materials,tom brady jerseys champs, safety and protection and electronics, would become another independent company.
Peltz has backed away from his previous claims about separating the chemical conglomerate,jual polo shirt real madrid 2014, saying last month he was "open minded" about keeping the company together. In a Friday interview with The News Journal, Trian Chief Investment Officer Ed Garden said the hedge fund is "agnostic" about splitting DuPont.
The company is already spinning off its performance chemicals unit, Chemours.
In the letter,Limited Scott Tolzien Mens Jersey - Green Bay Packers 16 Home Green Nike NFL, Kullman said the Trian plan is based on "distorted analysis" and would "destroy" shareholder value instead of creating it.
Trian countered by posting a video clip of Peltz explaining his position in a March 13 interview on television network CNBC. Peltz said Trian's involvement in DuPont produced the company's recent stock gains, not DuPont's corporate strategy.
"From the time people knew we were in the stock ... you will see the stock going from 50 to the low 60s," Peltz said. "White paper comes out, it goes into the 70s. These are not earnings moves."
Shareholders will be able to decide which side they think is right on May 13. The meeting, open only to DuPont stock owners, is scheduled for 8:30 a.m. at the chemical giant's headquarters at Chestnut Run Plaza. Shareholders will have the option of electing all 12 DuPont nominees, four Trian candidates or a combination of the candidates.
Kullman also made a case for the DuPont candidates to the chemical giant's employees in a videotape. The CEO said DuPont will not change the "fundamental things that make us great."
DuPont said it tried to end the proxy war by agreeing to back one of Peltz's nominees, if he agreed to support DuPont's remaining 11 candidates. Peltz countered by offering to add two nominees to the DuPont board and Chemours, the performance materials unit DuPont is spinning off later this year.
DuPont claimed Peltz would only accept a compromise if he was the nominee DuPont agreed to accept on its board.
Matt Arnold, a senior equity analyst with EdwardJones,Reebok San Francisco 49ers 52 Patrick Willis 2010 Pro Bowl NFC Replica NFL Jersey, said he's still looking for signs that a deal can be reached before the shareholder's meeting.
"It happens frequently in proxy fights and obviously there has been an attempt," he said. "But so far,clay matthews children's jerseys, it seems like Trian wants one more seat than DuPont is willing to give."
Despite the vitriol in Kullman's letter, Arnold said the missive offered no new information, other than the date of the vote.
"As we get closer, I imagine the pace of these letters will get brisk,Men's Nike San Francisco 49ers 23 LaMichael James Limited Grey Shadow Super Bowl XLVII NFL Jersey," he said. "This is going to come down to large, institutional shareholders that can make up their own mind, so unless there is a new data point or angle that comes out, I can't imagine these letters will do much to convince them one way or the other. But that's the playbook almost all companies follow in these situations."
Contact Jeff Mordock at (302) 324-2786 or This email address is being protected from spambots. You need JavaScript enabled to view it. .
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