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Benzinga
Benzinga
Business
Shivani Kumaresan

Carl Icahn Backs From Proxy Fight With Kroger Over Pig Treatment: WSJ

KR (Organization) Carl Icahn Kroger McDonald Wall Street Journal
  • Activist investor Carl Icahn said he is backing from a proxy fight at Kroger Co (NYSE:KR) on the treatment of pregnant pigs, the Wall Street Journal reported.
  • He took the decision after he lost a similar proxy fight with McDonald's Corp (NYSE:MCD) over animal welfare.
  • "I congratulate the McDonald's team on their victory in this proxy engagement and, after much contemplation, given the company's financial position, I believe the same outcome will result at Kroger," the report quoted a letter slated for Kroger and McDonald's shareholders.
  • The point of contention was the gestation crates used by the companies to house pregnant pigs.
  • Icahn complained that the crates are inhumane as the pigs had little space to move.
  • He owns less than a 0.1% stake in the company.
  • Price Action: KR shares are trading higher by 0.07% at $52.58 on the last check Tuesday.
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