Trian Fund Management LP, the hedge fund led by activist investor Nelson Peltz, has disclosed a stake in U.S. coatings firm PPG Industries Inc., The Wall Street Journal reported Oct. 9.

Trian disclosed in a filing with the Securities and Exchange Commission that it had a $269-million stake in PPG as of June 30.

The hedge fund did not disclose its intentions and the size of its investment in the Pittsburgh-based producer of coatings, specialty materials and glass products.

But a spokesperson for Trian told the Financial Times that as of Oct. 9, Trian owns about 7 million PPG shares worth about $690 million, representing 2.9% of outstanding shares.

PPG shares fell 10% on Oct. 9 after the company warned of higher costs and weaker demand. Shares rose about 5% on news of the Trian stake, giving the company a market value of about $25 billion, said the WSJ.

In a statement, PPG said it is "looking forward to maintaining a constructive dialogue with Trian". Trian and PPG have been in contact but haven’t had substantive discussions, a source told the Journal.