Activist investor Nelson Peltz on Monday said he is seeking a director seat for himself on Procter & Gamble Co.'s (PG) board, setting the stage for the largest boardroom battle in U.S. history and one that will likely determine whether the consumer goods firm will take steps to sell assets, cut costs and trim bureaucracy.
TheStreet had expected the move, in part, because last month Peltz had successfully driven another large target, General Electric Co. (GE) to oust its CEO Jeff Immelt without the need for a director-election battle. With GE on the road to potential transformation, Peltz and his team at Trian could turn their full attention over to Procter & Gamble, whose share price had continued to slide in recent months.
The director battle at Procter & Gamble will be a massive undertaking because of the company's $223 billion market capitalization. As the largest director-election proxy fight in U.S. history, it's bigger than the battle Peltz waged in 2015 at DuPont Co. (DD). The markets initially were not impressed with Peltz's endeavor, with shares down about 0.24% in pre-market trading.
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