P&G's Proxy Battle Has One Clear Winner: Buffett's Business WireBy
Procter & Gamble Co.’s proxy battle with billionaire Nelson Peltz has inflamed tensions and forced investors to pick sides.
It’s also brought a torrent of press releases -- mostly in the form of Business Wire statements.
Both P&G and Peltz’s investment firm rely on Business Wire, a service owned by Warren Buffett’s Berkshire Hathaway Inc. And neither has been worried about paying the fees required to issue releases.
Since launching a campaign for a P&G board seat in July, Peltz’s Trian Fund Management LP has put out at least 13 statements on Business Wire about the proxy fight. P&G has issued 16.
That works out to roughly one press release every other business day for months -- all of which is good publicity for Buffett’s company, regardless of who wins.
— With assistance by Lauren Coleman-Lochner