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August 3, 2006

US: Heinz accuses Trian of ‘misleading’ shareholders

Heinz has accused the Train Group of “misleading” shareholders, providing a detailed list of ten statements that the company describes as inaccurate to support its claim.

Heinz has accused the Train Group of “misleading” shareholders, providing a detailed list of ten statements that the company describes as inaccurate to support its claim.


Trian, a group of dissident shareholders headed by Nelson Peltz, is attempting to get five of its nominees elected to Heinz’ 12-member board at the upcoming AGM this month. As the proxy battle draws nearer, the war of words between current management and Trian has grown increasingly bitter.


Michael Mullen, director of global corporate affairs, told just-food: “In a desperate attempt to elect himself and his hand-picked nominees, Mr Peltz continues to make inaccurate statements about our company and our record. Shareholders have a right to hear facts, not fiction.”


Heinz suggested that were Trian’s representatives to be elected, they would form an interest block that would act in the interests of Trian rather than the interests of all shareholders and the company at large.

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