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Nelson Peltz And Procter & Gamble: The Biggest Proxy Battle Ever
17 July 2017, 06:14 | Kelvin Horton
Getty Images Trader on the floor of the New York Stock Exchange
As the largest director-election proxy fight in US history, it's bigger than the battle Peltz waged in 2015 at DuPont Co.
After announcing an ownership stake earlier this year of more than $3 billion, or around 1% of shares outstanding, activist investor Nelson Peltz is now seeking a board seat at Procter & Gamble.
This battle comes during a time activist investor supported by successful campaigns over the years for changes at companies throughout the U.S.as well as overseas, using their huge coffers to seek out larger prey.
P&G's proxy filing, disclosed on Monday, shows that Trian's dialogue with the company goes back to February 16, when Peltz called P&G Chief Executive Officer David Taylor to make the introduction and set up an in-person meeting. After a series of additional meetings, P&G declined the request, prompting Peltz to seek shareholder support at the company's annual meeting in October.
Following that was over five months of talks between Trian senior leaders and P&G regarding the company's direction strategically and what it needed to boost a lagging share price.
"We believe that P&G has an overly complex organizational structure and a slow moving and insular culture", Trian Partners said in a notice to company shareholders.
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