Primo Water’s top investor increases stake

An activist hedge-fund group, Legion Partners LP, has increased its top ownership stake in Primo Water Corp., according to a regulatory filing Friday.

Legion expanded its holdings from 3.09 million shares and a 7.91% stake to 3.26 million shares and 8.31%.

Private-equity firms are required to declare their ownership stakes annually, typically in February, or when they have a significant increase or decrease in shares. Legion, based in Beverly Hills, Calif., bills itself as “deep value, long-term-oriented active investors.”

Its strategies include gaining representation on corporations’ boards of directors to “impact policies or strategic direction or, in some cases, simply advocating specific business activities for the fundamental benefit of a portfolio company.”

Akre Capital Management LLC is second with 2.85 million Primo shares and a 7.3% stake as of Primo’s proxy filing on March 28.

Billy Prim, Primo’s founder and executive chairman, had just under 1.9 million shares, which represented a 4.7% stake as of March 28. Prim also has 762,236 deferred stock units that he could acquire over the next three years.

Richard Craver

EPA won’t warn consumers about Roundup chemical

SACRAMENTO, Calif. — The Trump administration has instructed companies not to warn customers about products that contain glyphosate, a move aimed at California as it fights one of the world’s largest agriculture companies about the potentially cancer-causing chemical.

The U.S. Environmental Protection Agency says it will no longer approve labels warning glyphosate is known to cause cancer. The chemical is marketed as a weed killer by Monsanto under the brand Roundup.

California requires warning labels on glyphosate products because the International Agency for Research on Cancer has said it is “probably carcinogenic.”

The EPA disagrees, saying its research shows the chemical poses no risks to public health.

Federal law regulates how pesticides are used and how they are labeled.

States are often allowed to impose their own requirements, but they can’t be weaker than the federal law, according to Brett Hartl, government affairs director for the Center for Biological Diversity.

Hartl said it is unusual for the EPA to tell a state it can’t go beyond the federal requirements.

The Associated Press

More China trade fears sink U.S. stocks

NEW YORK — Stocks capped a turbulent week with another decline Friday as investors worry that a resolution in the U.S.-China trade dispute is a long ways off.

The Dow Jones Industrial Average fell as much as 280 points, rallied to a slight gain, then slipped in the closing minutes to end with a loss of 90 points.

Technology and retail companies had some of the biggest losses.

Escalating tension between the U.S. and China over trade was the catalyst for the big swings in the market this week. President Donald Trump indicated Friday he’s in no rush to resume negotiations.

The S&P 500 fell 19 points, or 0.7%, to 2,918.

The Dow Jones Industrial Average dropped 0.3%, to 26,287. The Nasdaq fell 80 points, or 1%, to 7,959.

The Associated Press

Get today’s top stories right in your inbox. Sign up for our daily morning newsletter.

Load comments