Svea Herbst-Bayliss
NEW YORK (Reuters) – Investment firm TOMS Capital Investment Management has taken a “significant” position in and is partnering with U.S. food multinational Kellanova, two sources familiar with the matter said on Thursday.
The size of TOMS Capital Investment Management’s stake could not be determined, and it is unclear what the investment firm and the company, which has a market value of $21 billion, are discussing.
TOMS Capital Investment Management tends to work behind the scenes on activist campaigns and was previously involved in pushing for change at Colgate-Palmolive (NYSE:).
Pop-Tarts maker Kellanova reported quarterly profit Thursday, beating Wall Street estimates for first-quarter sales and profit, thanks to higher prices and strong demand for its breakfast cereals and ready-to-eat snacks.
Its share price jumped about 7% in early trading and is now around $61.13.
“In recent years, we have sharpened our strategy, set ambitious financial goals and taken bold steps to create shareholder value while delivering consistent, superior returns to shareholders,” a company spokesperson said. She declined to comment on any of the company’s conversations with investors.
A representative for TOMS Capital Investment Management declined to comment.