Billionaire investor Nelson Peltz bought 12.2 million shares in Kraft Foods Inc. during the first quarter, his investment firm reported this week.
Shares of Kraft Foods were up 1.4 percent at $34.69 on the New York Stock Exchange at midday Tuesday. Based on that price, the new stake would be worth $423 million.
Representatives for Kraft were not available for comment, and a spokeswoman for Peltz did not respond to a message.
Peltz holds the stake through his Trian Fund Management in New York. The company did not report the stake when it made its regular quarterly filing. Companies do not have to list holdings they are trading at that time.
Peltz previously owned a stake in Kraft, the maker of Oreo cookies, Oscar Mayer meats and other foods, and named two board members as part of a deal with the Northfield, Ill. company.
"We are aware of the disclosure of Trian's investment," a Kraft spokesman said in an e-mailed statement. "We welcome all shareholders that invest in Kraft Foods. As always, we'll continue to manage the business for the benefit of all shareholders."
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