LBA Has $1.64 Million Position in Encana Corporation (NYSE:ECA)
MarineMax, Inc. (NYSE:HZO) Releases FY17 Earnings Guidance
United Kingdom traffic controllers face their 'busiest summer ever'
Morgan Stanley Has $13.18 Million Stake in Fidelity National Financial, Inc. (FNFV)
Ross Stores, Inc. (NASDAQ:ROST) Given Consensus Recommendation of "Buy" by Brokerages
Trian Fund Management seeks to seat Nelson Peltz on P&G board
17 July 2017, 09:40 | Kelvin Horton
Peltz Launches Proxy Fight with Procter & Gamble
Trian said it was disappointed by the rejection and advised those in attendance it would push ahead with a proxy fight.
The Trian Fund Management investment firm on Monday said it nominated Nelson Peltz for a board seat at Procter & Gamble to shake up the stalled consumer-products giant.
Calling P&G's financial results over the last decade "disappointing", Trian cited weak shareholder returns, deteriorating market share and excessive cost and bureaucracy in the Securities and Exchange Commission filing that announced the challenge. We believe P&G needs to address the factors contributing to this consistent underperformance. "Trian believes P&G must take decisive action that goes above and beyond what P&G has presently committed to do".
The firm, which initially revealed its position in February, now holds 37.6 million P&G shares, or about 1.5 percent.
However, it does want to bring change to the company, which includes cutting cost and management. "The board is confident that the changes being made are producing results, and expresses complete support for the company's strategy, plans, and management". Meanwhile, the company is losing market share in various categories yet it's the only company in the world that boasts over 20 billion-dollar brands.
In a CNBC interview on Monday, Peltz said he spoke with former Gillette employees who said they wouldn't have let online rivals Dollar Shave Club and Harry's gain as much of a foothold as P&G did.
But that has hurt sales, which have declined over the past three years, and the company's share price. Nor was it seeking to replace the company's chief executive of less than two years, David S. Taylor.
Shares of P&G are up less than 4 percent this year.
Trian and Procter & Gamble Co were close to reaching an agreement that would allow Peltz to join the Board if public goals weren't met, but the discussions fell apart in May. Dan Loeb's Third Point disclosed last month that it had amassed a $3.5 billion stake in Nestle, encouraging the company to sell its stake in cosmetics maker L'Oreal and increase leverage for share buybacks.
Watchdog group wins access to Mar-a-Lago visitor records
In response, a NY court has asked the Secret Service to turn over records of the people who visited Mr Trump by 8 September. In just his first 100 days, he spent almost a quarter of his time at his beach side resort in Florida.
What chemicals are in your mac and cheese?
The petition was launched in hopes that America's biggest cheese brand removes all sources of the chemical from their products. Chemicals banned from babies' teething toys are present in macaroni and cheese products, according to a new study.
DHS Approves 15000 Additional Temporary Worker Visas
To receive the visas, businesses must attest they would suffer irreparable harm if they can not bring in those workers. The administration insisted the visa boost is not incompatible with its "America first" pledge.
Auto racing roundup: Newgarden triumphs in Toronto
Schmidt Peterson Motorsports made a driver change this week, removing Mikhail Aleshin from the No. 7 Lucas Oil Honda. In 2015, he was the test and reserve driver at Scuderia Ferrari and then drove a year ago for the new Haas F1 team.