Trian’s Peltz wins proxy fight against P&G, gets board seat

(Reuters) – Activist hedge fund Trian’s Nelson Peltz has won a proxy fight with Procter & Gamble Co and has been appointed to the company’s board.

File photo: Nelson Peltz speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake

Peltz won by 43,000 votes in a recount, a source told Reuters on Tuesday.

The maker of Tide detergent last month said that Peltz had lost his bid to win a seat on the company’s board by 6.15 million votes, according to a preliminary tally.

Shares of the company were up 3.4 percent at $ 91.14 after market.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta

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