Procter & Gamble targeted by Peltz proxy fight

17 Juillet, 2017, 21:42 | Author: Marc Bacque
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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. It's not seeking a breakup of the company or a new chief executive officer, but rather to shake up its "slow-moving and insular" culture, according to the filing.

For instance, Peltz acknowledged during a CNBC interview that P&G is a "great company" that's backed by a "phenomenal" CEO David Taylor who hasn't yet lived up to his full potential.

P&G's shares have underperformed peers such as Colgate-Palmolive and Johnson & Johnson, as well as the broader S&P 500 index, in the past decade.

P&G said in a statement that it's maintained an active dialogue with Trian, but that it's sticking with its current strategy. 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. In the subsequent meetings, Trian outlined ideas for accelerating growth and improving profitabilty and performance, including by cutting down on bureaucracy within the organization.

Can Trian Fund Management really fix what ails Procter & Gamble (PG)?

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Trian doesn't typically take part in proxy fights and often simply provides advice.

This move comes after Peltz was denied a seat on the Board last week.

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.

The company has a market value of roughly $222.7 billion, based on the number of outstanding shares as of late March.

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