Nelson Peltz's bid for a board seat at Procter & Gamble Co. took a stunning turn Wednesday after an independent inspector said the billionaire investor won his proxy fight at the consumer products giant.

The official preliminary results show that P&G shareholders have elected Peltz to the company's board, his Trian Fund Management said in a statement. The activist investor won by about 42,780 shares — or a margin of about 0.0016% — according to the results tallied by the independent inspector IVS Associates Inc., P&G said in a statement.

"Trian strongly urges P&G to accept the inspector's tabulation and not waste further time and shareholder money contesting the outcome of the annual meeting," Trian said.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

News