Peltz stirs takeover talk at InterContinental Hotels

A New York billionaire famed for dating Victoria Principal has taken a stake in InterContinental Hotels Group, raising speculation that it may be a takeover target.

Nelson Peltz, a storied corporate raider who was a key player in the sale of Cadbury to Kraft, has built a 4.3 per cent stake in IHG via his Trian Fund Management business, it emerged yesterday.

That news comes days after a City analyst floated the notion that the Holiday Inn owner could be in the sites of US hotel rival Marriott. IHG shares jumped 6 per cent to 1,526p.

Mr Peltz has taken stakes in companies such as PepsiCo and Heinz in an effort to push through change.