FIRST AIRED: October 10, 2017

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00:00:01
>> The biggest ever battle to shake up a corporate boardroom is so close that Proctor and Gamble is declaring victory, but its adversary is not conceding defeat. Preliminary results Tuesday suggest shareholders sided with the company in a battle royale pinning P&G, the mega consumer products conglomerate with 65 Billion dollars in annual sales against Nelson Peltz, an activist investor with a $3.5 billion stake in the company, through his hedge fund, Trian.
00:00:29
Peltz agitated for a seat on the board so he could push through his growth plan, which centered around a reorganization into three distinct units. Although he failed, he did win over one important group of shareholders, large institutional ones, says Reuters breaking news columnist Anthony Currie.>> They like the fact also that he's not pushing any particular agenda.
00:00:49
He's just saying, we don't think you're performing well enough. I think I can help, and I want to do it in a proactive way. And also in a way where I'm going to find allies and help you, as opposed to going full tilt for trying to replace half the board or break up the company.
00:01:04
So he was really going for quite an easy going strategy for an activist.>> But P&G, the name behind Tide laundry detergent, Gillette razors, Pampers, and a host of consumer product brands, fought back. Saying Peltz lacked the professional experience to tell the 180 year old company what to do.
00:01:20
And that management was all ready working to shake things up. A costly battle racking up a bill of about $100 million, as both sides tried to sway investors through mailings, phone calls and advertisements. Proctor and Gamble's victory seen as a blow to activist investors, but.>> These guys aren't giving up.
00:01:38
There's plenty of other candidates out there. Look there are a lot of big companies out there who've amassed lot's of units not just P&G. We can look across a spectrum and see lot's of others. Think okay there are plenty of targets we can go after.>> Peltz's defeat not lost on his backers, shares of the DOW component are falling after the early results from this bruising battle.
00:01:56
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