October 10, 2017 / 2:53 PM / 8 months ago

Hedge fund chief Nelson Peltz loses bid for P&G board seat

(Reuters) - 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.

FILE PHOTO: Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California, U.S. on October 25, 2016. REUTERS/Mike Blake/File Photo

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.

Reporting by Siddharth Cavale in Bengaluru; editing by Patrick Graham

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