(Bloomberg) -- Activist investor Nelson Peltz is pushing Ferguson Plc to sell its U.K. business and move its stock-market listing to New York, SkyNews reported without citing sources.
Peltz has also asked the board of the plumbing-equipment supplier to drop its listing on the London Stock Exchange. Ferguson generates 87% of its revenue in North America.
Peltz’s Trian Fund Management bought a 6% stake in Ferguson in June, valued at about 736 million pounds ($911 million), noting that the company trades at a discount to its American peers. The Ferguson stake marks the first investment by Trian to include funds from a U.K.-listed vehicle designed to go after European companies its deems underachieving.
Shares of Ferguson have climbed about 16% since Trian disclosed its stake. Analysts estimate that the company’s British operations could be worth about 700 million pounds, SkyNews reported.
The company said in June its revenue for the first nine months of its fiscal year fell 7.5% in the U.K., while those in the U.S. climbed 11%.
An email sent to Peltz seeking a comment wasn’t immediately returned.
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