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Nelson Peltz distributes Heinz shares

NEW YORK (AP) - Activist investor and H.J. Heinz Co. Director Nelson Peltz has reduced his stake in the food company to 4.9 percent after Heinz shares were distributed to certain investors, according to regulatory filing on Monday. Peltz's Trian funds, which include Fund Management LP, reported owning roughly 15.5 million shares of the Pittsburgh-based company. On Oct. 12, Peltz reported that his funds held about 19 million Heinz shares, or a 6 percent stake. In a statement, Heinz noted that the Securities and Exchange Commission filing relates to a distribution of Heinz shares to certain investors, rather than a sale of the stock. "Trian Partners has indicated to Heinz that it remains pleased with its Heinz investment," the company said. "According to its amended 13D, Trian Partners has not sold any Heinz shares and has no current intention to sell shares." Heinz also said that Peltz will continue to serve on its board. Heinz shareholders re-elected Peltz and an ally, former Snapple executive Michael F. Weinstein, to the company's board in August. Peltz and Weinstein had won the seats a year earlier after a proxy battle. Heinz shares fell 27 cents to $43.84 in morning trading. Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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