Trian's Peltz says it wins proxy fight against P&G

Jimmy 3x3 | 14 Views | 2017-11-15T22:40:54+00:00

(Reuters) - Activist hedge fund Trian’s Nelson Peltz said on Wednesday he won a proxy fight with Procter & Gamble Co (PG.N) for a seat on the company’s board.

File photo: Nelson Peltz speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake

Peltz won by 43,000 votes in a recount, a source told Reuters.

The maker of Tide detergent last month said that Peltz had lost his bid to win a seat on the company’s board by 6.15 million votes, according to a preliminary tally.

Shares of the company were up 3.4 percent at $91.14 after market.

(This version of the story corrects to show Trian said Peltz had won shareholder vote, not that had been appointed to the board)

Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta

Our Standards:The Thomson Reuters Trust Principles.

Read Full News Here