Activist Investor Nelson Peltz Piles Pressure on Procter & Gamble
Activist investor Nelson Peltz late Wednesday released a 93-page white paper detailing his campaign for change at Procter & Gamble (PG) - Get Report , including ideas to eliminate what he called an "insular" culture as well as an effort to increase M&A activities and restructure the packaged goods company into three global business units.
The plan comes as Peltz seeks one seat on the company's board, in the largest boardroom battle at a U.S. company and one that is shaping up to be one of the most expensive in recent history. The boardroom battle is set for Oct. 10.
The activist investor, who owns about $3.5 billion in Procter & Gamble shares, says he wants to eliminate what he sees as a "suffocating bureaucracy." The white paper was not unexpected - Peltz and Trian typically release a detailed report during activist campaigns.
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