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Nelson Peltz acquires a 0.7 percent stake in Kraft

Billionaire investor Nelson Peltz is turning his attention once again to Kraft Foods Inc., the company known for brands including Nabisco, Maxwell House and its namesake.
/ Source: The Associated Press

Billionaire investor Nelson Peltz is turning his attention once again to Kraft Foods Inc., the company known for brands including Nabisco, Maxwell House and its namesake.

Peltz's hedge fund, Trian Fund Management, has spent $381.9 million to buy shares of the nation's largest food maker, according to a Monday regulatory filing for the first quarter.

Trian's stake of about 12.2 million shares represents about 0.7 percent of shares outstanding. That's much less than the holdings of another well-known investor in Kraft: Warren Buffett's Berkshire Hathaway Inc. owns about 6 percent of the company.

Peltz is a powerful figure on Wall Street and has made both friends and enemies by buying and reviving struggling companies. His hedge fund is currently the largest shareholder of Wendy's/Arby's Group Inc., and also owns stakes in Tiffany & Co., CBS Corp., Family Dollar Stores Inc. and Peet's Coffee & Tea, among others.

Peltz had previously owned a 3 percent stake in Kraft and pushed for changes there. Kraft expanded its board in 2007 and signed a standstill agreement with Trian, which agreed to support the board's full list of nominees at Kraft's next two annual meetings.

Peltz sold his stake in Kraft last year.

Kraft's shares were up 39 cents, or 1.1 percent, at $34.60 in afternoon trading.