Initial results show Nelson Peltz has been thwarted by $236 billion maker of Tide and Crest in largest proxy battle in history

Nelson Peltz has been thwarted in
the largest proxy battle
in history, failing to claim a board seat from $US236 billion giant Procter & Gamble.

Peltz, the founder of $US14 billion hedge fund Trian Partners, lost the proxy fight by a slim margin against P&G, the maker of consumer products like Tide, Crest, and Bounty and the largest-ever company to face such a challenge.

Trian quickly announced it disagrees with P&G’s vote count and is calling for a recount.

The billionaire investor has been trying to shake up Procter & Gamble since announcing a $US3.5 billion stake in February. He was nominated to the board in July.

The two companies have spent some $US100 million on the campaign to win over shareholders, 40% of which are comprised of individual retail investors, according to Reuters.

This story is developing.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.