Nelson Peltz’s activist fund Trian Partners has taken a stake in consumer goods company Unilever and is expected to push for changes.

The Financial Times reported Sunday that Trian built a stake in Unilever but it remains unclear what its intentions are. It has been speculated that the activist might push for a breakup of the company’s household and personal care operations.

Unilever has only just come clear of a failed bid for GlaxoSmithKline’s (GSK) consumer health unit. Earlier this month, the company offered 50 billion pounds ($68 billion) for the business but GSK rejected the bid as too low and Unilever later said it had no plans to raise the offer. GSK is also facing pressure from its own activist, Elliott Management.

Following the aborted takeover bid, Unilever investors warned the company against attempting any further big acquisitions and sent a message to CEO Alan Jope that his job is on the line. According to media reports, the mishandled approach was seen as damaging Unilever’s credibility and Bernstein analyst Bruno Monteyne predicted “management and board change to be the key topics for the next three to six months.”

Trian, which currently has $9.2 billion in assets under management, has a history of activism at consumer goods companies, including Mondelez, P&G, and Sysco, where the activist has typically pushed for streamlining of operations and board changes.

One of Trian’s most recent campaign was at plumbing and heating company Ferguson in which it has a 5.7% stake.

In 2019, the activist pushed for Ferguson to consider moving its listing to the U.S. as it “already conducts 90% of its business,” there and it would “give the company a better valuation.” The company went through with the demand in March 2021, starting an additional listing in the U.S.

The activist also recently disclosed stakes in asset managers Janus Henderson and Invesco and reportedly has been pushing the companies to merge.

The recent news of Trian’s involvement with Unilever caused the company’s stock to rise by as much as 5.7%. However, Unilever’s stock has declined 12.9% in the past year but still remains up 20.2% over the last five years.