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P&G Climbs After Peltz Scores Surprise Board Victory in Recount

  • Billionaire investor won seat by less than 43,000 votes
  • Shares in consumer products giant jump 2 percent pre-market
Nelson Peltz

Nelson Peltz

Photographer: Patrick T. Fallon/Bloomberg
Updated on

Consumer giant Procter & Gamble Co. climbed in early trading after Nelson Peltz’s bid for a board seat took a stunning turn, as an independent inspector said the billionaire investor actually won his proxy fight.

The official preliminary results showed that P&G shareholders have elected Peltz to the company’s board, his Trian Fund Management LP said in a statement Wednesday. The activist investor won by about 42,780 shares -- or a margin of about 0.0016 percent -- according to the results tallied by the independent inspector IVS Associates Inc., P&G said in a statement.