June 30 (Reuters) - Nelson Peltz's Trian Fund Management LP has built a stake of 7.24 percent in Pentair Plc and asked the pump and valve maker to consider acquiring rivals to consolidate the sector, the Wall Street Journal reported, citing people familiar with the matter.
The activist investor has been in talks with Pentair CEO Randall Hogan for more than a month and they broadly agree about the company's future potential, the people said. (on.wsj.com/1IpcTev)
Pentair has around $800 million in cash to spend on acquisitions but would consider funding a deal in stock, the Journal quoted Hogan as saying last month.
Hogan has spoken publicly about his desire to expand the company through acquisitions, the report said.
Trian Fund Management and Pentair could not be reached immediately for comments outside regular business hours. (Reporting by Rama Venkat Raman in Bengaluru; Editing by Gopakumar Warrier)