GO
Loading...

Enter multiple symbols separated by commas

Icahn Takes Stake in Kraft Foods: WSJ

Billionaire investor Carl Icahn has taken a stake in Kraft Foods, according to The Wall Street Journal.

Kraft , the largest U.S. food company, is already contending with activist investor Nelson Peltz, who has recently acquired a 3% stake in the Northfield, Ill., maker of Oreo cookies and Oscar Meyer meats.

Although the paper learned of Icahn's stake from people who were familiar with the matter, the report said it is unclear how much Kraft stock Icahn has purchased and how long he has held it.

Icahn wasn't immediately available for comment.

However, a person familiar with the matter told the paper Icahn isn't currently agitating for change at the company in the way that he has at such targets as Motorola and Time Warner .

The report also said Kraft Chief Executive Irene Rosenfeld has agreed to meet with Peltz next week to hear his ideas for the struggling food giant.

Peltz is advocating that Kraft focus on its grocery and frozen-foods brands, which include cheese and DiGiornio pizza, sell its Post cereals and Maxwell House coffee businesses and use the proceeds from those sales to buy back shares.

Details of the upcoming meeting aren’t clear.

Last year, Peltz won a seat on the board of H.J. Heinz after a lengthy proxy battle. He has also pushed for change at other companies, including Cadbury Schweppes and Tiffany .

Kraft is in the midst of a restructuring led by Rosenfeld, who was appointed chief executive last summer.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.