DuPont Prevails In Nelson Peltz Proxy Battle, Sinks 6%

shares sank more than 6 percent Wednesday after it prevailed in an acrimonious proxy battle with Nelson Peltz' Trian Fund Management.

the activist's proposal to elect four of its representatives to the company's 12-member board. DuPont changed hands recently at $69.70, down $4.66. Trian, which had won support from several institutional shareholder advisory services, said the fund will "continue to closely monitor" DuPont's performance and that its activism had "created substantial value." Peltz reportedly gave a 10-minute address to DuPont shareholders at the company's annual meeting prior to the vote count. Trian, which has a 2.7 percent stake in DuPont worth about $1.9 billion, said that since investing in DuPont two years ago, the company has authorized a $5 billion share buyback, begun a cost cutting initiative and announced the separation of its Chemours unit. "We don't believe these actions would have happened without our involvement," Trian said. DuPont Chief Executive Ellen J. Kullman said the company "values the open dialogue and input we have received from our shareholders," and will continue with its strategic plan to boost growth and share price. Trian proposed its slate of four directors, including Peltz, in January and the two sides engaged in an ensuing war of words, with each accusing the other of distortions. Peltz noted that DuPont has missed financial targets, while DuPont has countered that its share price has outperformed the Standard & Poor's 500 index.