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Activist investor Carl Icahn drops proxy fight over Kroger’s pig policy

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© Reuters. FILEPHOTO: This is the Kroger headquarters in Cincinnati Ohio USA, U.S.A, on June 28 2018. REUTERS/Lisa Baertlein/File Photo

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(Reuters) – After losing a fight last month with McDonald’s Corp (NYSE :), billionaire investor Carl Icahn has decided to end a proxy dispute that focuses on Kroger’s treatment of pregnant pigs. Wall Street Journal reported Sunday.

Icahn stated that “I congratulate McDonald’s on their win in the proxy engagement” and added, “After careful contemplation, I believe the exact same outcome will occur at Kroger, given the company’s current financial situation,” in an open letter to shareholders. This was seen by The Journal.

An activist investor named two directors to the grocery chain’s board in March. The letter was written to Kroger’s boss in which he criticized its inability to implement policies concerning animal welfare, and its wage disparities.

Icahn (a billionaire with roughly $50,000 of McDonald’s stock) also named two candidates for director to encourage McDonald’s to keep its decade-old commitment to not buy pork from any supplier that keeps the animal in cages.

He stated that locking the pregnant pigs in their crates is cruel, and he sought to make the matter more public. McDonald’s shareholders won the boardroom war when they re-elected all McDonald’s directors.

In a letter to WSJ, Icahn stated that these were not his usual fights because the companies have been performing well. This makes it less likely that campaigns will gain sufficient shareholder support.

Kroger representatives and Icahn representatives did not respond immediately to inquiries for comment after regular business hours.

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