DuPont Fires Salvo In Trian Proxy Battle

DuPont fired back Wednesday in a proxy battle with Nelson Peltz 's Trian Fund Management LP, saying the fight could "disrupt our company" at a key stage of development. http://investors.dupont.com/investor-relations/investor-news/investor-news-details/2015/DuPont-Statement-Regarding-Trian-Announcement/default.aspx Trian last week nominated four directors to E I Du Pont De Nemours And Co. DD for election at the company's annual meeting, normally held in April. Trian, which owns a $1.6 billion stake in DuPont, went public in September with a demand that the company split itself into three separate companies catering to chemicals, agriculture and industrial materials. http://www.businesswire.com/news/home/20140917005190/en/Trian-Partners-Delivers-Letter-White-Paper-Summary#.VLaOfKZj-t8 Although Trian has complained of sub-par performance, DuPont said Wednesday that during the past five years its returns have been "in excess of its proxy peers and the S&P 500." DuPont plans to separate its chemicals unit and said a current restructuring will produce $1 billion in annual savings. DuPont said on Wednesday that it had made "numerous efforts to engage constructively" with Trian that have included multiple meetings with top management and directors. But "Trian has chosen this path with the potential to disrupt our Company at a key stage of execution against our plan," DuPont said in a statement. On Monday, DuPont said separately it will sell its 1871 DuPont Theatre in Wilmington, Del., for an undisclosed price to a local arts group. http://www.dupont.com/corporate-functions/media-center/press-releases/dupont-announces-sale-of-dupont-theatre-to-the-grand.html DuPont changed hands recently at $72.66, down $0.48.