Gloves Are Off: Trian Launches Proxy Fight with P&GJuly 8, 2017 8:22 am
Precipitating Trian’s activist move have been P&G’s underwhelming sales growth and underperforming shares. For example, a $10 billion cut in costs didn’t result in profit growth as P&G had hoped.
If Patz and Trian, which owns $3.3 billion of P&G stock, are successful in their bid, the WSJ states that it would be a new milestone for the activist investor movement.
The WSJ also notes that such proxy fights are a rarity for Trian, which had only waged two prior to P&G, separated by 10 years.
This isn’t the first activist investor campaign against P&G. William Ackman, too, made an attempt. The WSJ states that the effectiveness of Trian’s own campaign is considered doubtful given the amount of shareholder support it would require. But the proxy fight has only begun …