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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.