REUTERS/Mike Blake
Nelson Peltz founding partner of Trade Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016.
- Nelson Peltz appears to have won his proxy battle for a seat on Procter & Gamble's board.
- In October, Peltz was initially reported to have lost the proxy vote by a slim margin.
- Now, a recount shows Peltz actually won by 43,000 votes - a 0.002% margin.
A little over a month ago, it looked like Nelson Peltz had been foiled in the biggest proxy battle in history.
Now, after a recount, it looks like Peltz may have won his bid to claim a seat on the board of the $236 billion giant Procter & Gamble after all.
CNBC and The Wall Street Journal are reporting that Peltz, the founder of the $14 billion hedge fund Trian Partners, won the recount by a slim 43,000 votes - a 0.002% margin.
The billionaire investor had been trying to shake up P&G since announcing a $3.5 billion stake in February. He was nominated to the board in July.
The two companies spent some $100 million on the campaign to win over shareholders, 40% of which are individual retail investors, according to Reuters.
Peltz was considered a favorite to win one of the 11 board seats up for a vote since he had the backing of the three top shareholder advisory firms that recommend how mutual funds cast their vote, according to Reuters.
P&G are up 3% in after hours trading.