Investor Nelson Peltz Cuts Stake in Heinz

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Investor Nelson Peltz sold 1.6 million shares in H.J. Heinz Co. (HNZ), reducing his stake by about one third. He now holds about 1% of the company's shares.

Peltz has sold shares worth $75.9 million since Friday, Dow Jones Newswires reported.

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In 2006, Peltz successfully fought to get two directors on to the Heinz board as he tried to get the company to improve results.

Heinz reported a 13% rise in fiscal first quarter earnings earlier this month. The company's volumes rose in North America, but grocery store discounts squeezed margins.

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