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Procter & Gamble just won a long-fought battle against activist investor Nelson Peltz, founding partner of hedge fund Trian Partners, the consumer goods giant announced today.
Peltz nabbed a $3.5 billion stake in the company earlier this year; he wanted to land a seat on the board to shake up P&G as Wall Street investors and shareholders are frustrated with its slow growth. After a proxy vote today, P&G is declaring victory while Peltz has yet to concede and may call for an audit of the results.
“We are encouraged that shareholders recognize P&G is a profoundly different, much stronger, more profitable company than just a few years ago,” said a representative for P&G in a statement.
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