Nelson Peltz may be still rueing his failed attempt to acquire a seat on the Mickey Mouse creator's board as he has switched his attention to pest control.
Rentokil Initial PLC (LSE:RTO) is doing a large portion of the lifting for the FTSE 100 this morning after it was revealed the billionaire fund manager and activist investor had built a stake in the company.
Shares in the Crawley-based group surged more than 13.5% to 470p after Peltz's investment firm Trian Fund Management said it had opened a "significant position" in the company, placing it as one of the top ten largest shareholders.
Peltz's firm said it "reached out to Rentokil to discuss ideas and initiatives to improve shareholder value”.
Since the start of March, shares in the firm had dropped more than 18%, but today's gains have offset much of this and are now pushing it closer to its 2024 high of 504p.
Back in April, Peltz failed to secure a seat on the Dinsey board having waged a campaign against the conglomerate's management, claiming it was lagging behind rivals in various industries.