Peltz Push Sweetens Cadbury

The candy maker gains on news that an activist is on the prowl.
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Cadbury Schweppes

(CSG)

surged 9% Tuesday after activist investor Nelson Peltz disclosed a 3% stake in the candy maker.

The billionaire acquired 62.5 million shares via his investment firm Trian Fund Management, according to a filing with the

Securities and Exchange Commission

. A call to Peltz at his New York-based investment firm was directed to a spokeswoman, who was unable to comment.

Peltz, the largest shareholder in

Tiffany

(TIF) - Get Report

, is notorious for shaking up management. It is unclear whether Peltz will seek a seat on Cadbury's board. In the past, Peltz has maneuvered his way onto the board at

Heinz

(HNZ)

and

Wendy's

(WEN) - Get Report

.

Cadbury is run by Harvard-educated Todd Stitzer, who joined the company's North America operation in 1983 as assistant general counsel. Calls to executives at the company in London were directed to a spokeswoman, who was unable to comment.

Shares of Cadbury rose $3.98 at midafternoon to a 52-week high of $46.35 after earlier trading as high as $47.14.