Initial results show Nelson Peltz has been thwarted by $236 billion maker of Tide and Crest in largest proxy battle in history

Nelson Peltz has been thwarted in the largest proxy battle in history, failing to claim a board seat from $236 billion giant Procter & Gamble.

Peltz, the founder of $14 billion hedge fund Trian Partners, lost the proxy fight by a slim margin against P&G, the maker of consumer products like Tide, Crest, and Bounty and the largest-ever company to face such a challenge.

Trian quickly announce it disagrees with P&G's vote count and is calling for a recount.

The billionaire investor has been trying to shake up Procter & Gamble since announcing a $3.5 billion stake in February. He was nominated to the board in July.

The two companies have spent some $100 million on the campaign to win over shareholders, 40% of which are comprised of individual retail investors, according to Reuters.

This story is developing.