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DuPont to review Trian Fund’s proposed director nominees as proxy fight intensifies

Last updated: 14:35 09 Jan 2015 EST, First published: 15:35 09 Jan 2015 EST

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DuPont (NYSE:DD) said it will review nominees proposed by Trian Fund Management LP, which has been hammering away at the more than200-year-old chemical company for almost two years, pushing to split it into two.

The Wilmington, Delaware-based company said it will make recommendations that are in the best interests of its shareholders. At the same time, $67.5 billion company defended its current board, saying that it contains "experienced professionals with expertise across a range of relevant disciplines and industries critical to DuPont's businesses."

DuPont said there have been numerous efforts to have constructive talks with Trian, but that the firm "has chosen this path with the potential to disrupt our company at a key stage of execution against our plan."

Trian, which holds about a 2.7 percent stake in DuPont, has called for the agriculture, nutrition and health and industrial biosciences units to be combined into a single growth company, separate from the more cyclical businesses of performance materials, safety and protection, and electronics and communication. It also wants the performance chemicals unit separated.

Trian's four director nominees are Nelson Peltz, chief executive officer and a founding partner of Trian, John Myers, former president and chief executive officer of GE Asset Management, Arthur Winkleblack, former executive vice president and chief financial officer of H.J. Heinz Co. and Robert Zatta, acting chief executive officer and long-time chief financial officer of Rockwood Holdings Inc.

Trian's board nominees will face a vote at the annual shareholder meeting for E.I. DuPont de Nemours and Co. in the spring.

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