Initial results show Nelson Peltz has been thwarted by $236 billion maker of Tide and Crest in largest proxy battle in history (PG)

FILE PHOTO - Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016.  REUTERS/Mike Blake/File Photo Thomson Reuters

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Nelson Peltz has been thwarted in the largest proxy battle in history, failing to claim a board seat from $ 236 billion giant Procter & Gamble.

Peltz, the founder of $ 14 billion hedge fund Trian Partners, lost the proxy fight by a slim margin against P&G, the maker of consumer products like Tide, Crest, and Bounty and the largest-ever company to face such a challenge. 

Trian quickly announced it disagrees with P&G’s vote count and is calling for a recount

The billionaire investor has been trying to shake up Procter & Gamble since announcing a $ 3.5 billion stake in February. He was nominated to the board in July. 

The two companies have spent some $ 100 million on the campaign to win over shareholders, 40% of which are comprised of individual retail investors, according to Reuters.

This story is developing.

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