Procter & Gamble Co repelled a challenge from activist investor Nelson Peltz for a board seat on Wednesday after shareholders backed all 11 directors nominated by the U.S. consumer goods company`s management.
Peltz had been seen as the favorite to win the contest, because he had the backing of all three top shareholder advisory firms, which recommend how mutual funds should cast their vote, and was only seeking one board seat on P&G`s 11-member board.
Procter & Gamble`s shares, which were up earlier in Tuesday`s session, were down 1.5 percent at $90.80 soon after the company announced the result at a shareholder meeting.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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