Peltz loses Procter & Gamble board vote

Procter & Gamble Shares Edge Up as Proxy Battle Nears Finish Line

Billionaire hedge fund manager Nelson Peltz told CNBC on Tuesday the Procter & Gamble vote is "as close as a dead heat" as possible.

The investor's Trian Partners wants an official tally.

"We are encouraged that shareholders recognize P&G is a profoundly different, much stronger, more profitable company than just a few years ago", the company said.

The pricey campaign - both sides said they spent $60 million, combined, and experts say the total will likely cross the $100 million mark - illustrates the amounts blue-chip corporations will spend to defend themselves against increasingly aggressive activist investors.

Despite Peltz' apparent defeat, P&G CEO David Taylor said the company would continue to work with Peltz. "Win or lose the shareholders have spoken", he said. Preliminary results show shareholders have rejected Peltz's board bid. "Either way, it's a vote for bold change". "I think you can do a lot better".

Shares of P&G dropped more than 1 percent, to $91.02, in afternoon trading.

The battle began in February, when Peltz's asset management firm Trian Partner's gained a $3.5 billion stake in the firm and elected Peltz to the board in July.

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