Peltz owns 5.3% of Legg after stock purchase

December 23, 2009

Activist investor Nelson Peltz has increased his stake in Legg Mason Inc. again, becoming the Baltimore money manager's second-largest stockholder - at least according to the most recent ownership records. Peltz's nearly $23.4 million in purchases Thursday and Friday, disclosed this week, come after other purchases earlier last week and bring his Legg holdings to almost 8.5 million shares. That's about 5.3 percent of the company, close behind the No. 1 holder, San Francisco fund manager Dodge & Cox. Peltz - who joined Legg's board this fall - is known for targeting good but underperforming brands. Legg insists Peltz is not aiming to sell or break up the company, and said his Trian Fund Management LP has agreed not to acquire more than 9.9 percent of Legg stock in the next two years.

- Jamie Smith Hopkins | The Baltimore Sun

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.