Nelson Peltz's Trian said to build stake in 3M spinoff Solventum, Bloomberg News reports (updated)

Solventum

22/07/2024 22:47

(Adds details in paragraph 2-5)
       July 22 (Reuters) - Activist investor Nelson Peltz's
Trian Fund Management has built a stake in 3M's  MMM.N 
healthcare spinoff Solventum  SOLV.N , Bloomberg News reported
on Monday, citing people with knowledge of the matter, sending
shares of the company up 3.4% after the bell. 
    Trian is now one of the largest shareholders in the medical
equipment maker, but the exact size of Trian's holding couldn't
immediately be learned, according to the report.
        Trian has reached out to Solventum to discuss ways to
unlock shareholder value as the activist investor believes the
company should re-accelerate organic growth, restore margins and
consider asset sales, the report added.
  
        Solventum - one of the largest providers of
sterilization devices, wound dressings, medical tapes and other
hospital consumables - 
    reported
     first-quarter net sales of $2.02 billion. 
  
        Solventum did not immediately respond to a Reuters
request for comment. 
  
          
  
         
  
       

 (Reporting by Sneha S K in Bengaluru; Editing by Alan Barona)
 ((Sneha.SK@thomsonreuters.com;))