Peltz purchase makes him Legg's largest shareholder

Peltz purchase makes him Legg's largest shareholder

December 30, 2009

Activist investor Nelson Peltz has continued his buying spree of Legg Mason stock, increasing his ownership stake in the Baltimore money manager to 5.6 percent, according to a Securities and Exchange Commission filing late Monday. That makes him the company's largest shareholder, surpassing fund manager Dodge & Cox, at least according to the most recent government filings. Peltz owns just over 9 million shares through funds connected with his Trian Fund Management LP, spending $213.8 million - including commissions - to acquire them. Peltz, known for targeting good but underperforming brands, joined Legg Mason's board in the fall after earlier big-ticket purchases of the company's stock.

- Jamie Smith Hopkins | The Baltimore Sun

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