Nelson Peltz Trian Targets State Street (STT), Says Stock Could Be Worth $99

Late Sunday, Nelson Peltz's Trian Fund Management hedge fund made public a letter discussing the under performance of State Street Corporation (NYSE: STT), the trust banking giant it holds a 3.3% stake in.

Trian issued a White Paper laying out a detailed plan on how the company can improve operating performance and enhance shareholder value. Trian believes State Street's share price could be worth $99 per share by 2014, up significantly from Friday market close of $33.90.

Over the past year Trian has been communicating privately with State Street's management.

Trian said it is willing to work with State Street to create greater shareholder value. However, if the company fail to make progress, Trian may decide to become significantly more active in evaluating its alternatives.

Trian's full press release can be read here.

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