Sunday, 21 October, 2018

Procter & Gamble Shares Edge Up as Proxy Battle Nears Finish Line

Peltz's Activist Campaign Nears A Vote And Looking Favorable Procter & Gamble Shares Edge Up as Proxy Battle Nears Finish Line
Nellie Chapman | 10 October, 2017, 22:43

Nelson Peltz may (yes, may) have lost his proxy fight at consumer goods giant Procter & Gamble Co.

Shares in Procter & Gamble Company (NYSE:) edged forward in pre-market trading as shareholders vote on whether or not to elect activist Nelson Peltz to the board over company objections. "Everything is on the table", Peltz told CNBC.

Nearly 40 percent of P&G shareholders are small investors, and the final result appeared to pit them against institutional investors that backed Peltz. He also wants P&G to reorganize its 10 units into just three: beauty, grooming and health care; fabric and home care and baby, feminine and family care. He urged the board of directors to study issues around the structure of the company and its culture.

"I don't think they're serving their shareholders properly", he said.

Despite Peltz' apparent defeat, P&G CEO David Taylor said the company would continue to work with Peltz.

Peltz has been on a winning streak and his influence is being felt in a number of boardrooms in the U.S. Trian became one of GE's biggest investors two years ago with a $2.5 billion investment.

P&G shares were down 1.5 percent, to $90.75, at 11:07 a.m.