10 OCT

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

Thomson Reuters

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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