Nelson Peltz’s Trian Fund Management is launching a proxy fight against Procter & Gamble Co. (NYSE: PG).
According to a regulatory filing with the U.S. Securities and Exchange Commission on Monday, Trian is seeking a seat for Peltz on P&G’s board at its annual shareholder meeting.
In the filing, Trian said: "As one of P&G's largest shareholders, and given P&G's disappointing results over the past decade, Trian has a keen interest in helping the Company address the challenges it is facing."
Trian now holds 3.3 billion worth of P&G’s stock, or about 1.5 percent. The hedge fund has about $12.7 billion assets under management
P&G has a market cap of 224.8 billion. It will be the largest company that faces a proxy fight.
P&G shares is flat on Monday, trading 0.45 percent higher. The stock only gained 4 percent this year, below the benchmark S&P 500’s 9.9 percent increase.
P&G has been struggling to boost its sales growth as the consumer goods company faces increasing competitions from online-retailers and cheaper rival brands.
"P&G's challenges stem in large part from its organizational structure and culture, which can be highly resistant to change," Trian said. "Trian believes the job of a highly engaged shareowner in the boardroom is to foster a true sense of ownership among directors and inspire the board to take decisive and timely action to create sustainable, long-term value for both the company and its shareholders."
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