P&G CEO Needs More Than Natural Deodorant to Keep Peltz Happy
- Recount surprise gives activist both a board seat and platform
- Peltz pushes for bigger restructuring, buying smaller brands
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On Wednesday, Procter & Gamble Co. announced two acquisitions -- only one of which it wanted.
P&G, to its surprise, picked up activist investor Nelson Peltz, who is poised to gain a board seat after he won a recount of votes cast in a cantankerous proxy fight. The same day, the company revealed the purchase of the upstart Native deodorant brand -- exactly the kind of deal that Peltz has been advocating.