Procter & Gamble Co on Tuesday can be the largest ever company to handle a shareholder vote over a proxy contest, wanting to prevent activist hedge fund Trian Fund Administration LP CEO Nelson Peltz from securing a chair on its panel of directors.
REUTERS: Procter & Gamble Co repelled challenging from activist trader Nelson Peltz for a plank chair on Wednesday after shareholders supported all 11 directors nominated by the U.S. consumer items company’s management.
Peltz had been viewed as the favorite to gain the contest, because he previously the backing of most three best shareholder advisory companies, which recommend how mutual money should cast their vote, and was only looking for one board chair on P&G’s 11-member table.
Procter & Gamble’s shares, that have been up previously in Tuesday’s session, had been down 1.5 percent at US$90.80 immediately after the business announced the effect at a shareholder meeting.
(Reporting by Siddharth Cavale inside Bengaluru; editing by Patrick Graham)