•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

Bailey McCann, Opalesque New York:

Activist Investor Nelson Peltz wants a board seat at Procter & Gamble and is launching a proxy fight to get it. The move was first reported by the Wall Street Journal on Monday. The battle against the $222 billion company makes Peltz's push the largest ever proxy action.

Peltz's hedge fund Trian Fund Management owns approximately $3.3 billion of P&G's stock and says a board seat will give Trian the power to improve shareholder value. P&G's share price has remained relatively flat despite efforts on the part of management to sell underperforming brands and make other value enhancements. In a regulatory filing, Trian said that Peltz's prior record of turning around underperforming companies makes him an ideal choice for the seat.

This is the second time that Trian has pushed for a seat on P&G's board. P&G recently rejected a bid by Peltz to become a director, opting to stand by its ongoing efforts to improve shareholder value. The current board believes more time is needed to determine how effective the latest round of cost cutting and brand sales will be for shareholders.

This isn't the first time P&G has had interest from an activist. Pershing Square's Bill Ackman ......................

To view our full article Click here