Procter & Gamble Co. kept activist investor Nelson Peltz off its board Tuesday in the most expensive corporate election ever held in the U.S.
The three-month fight cost at least $65 million. Peltz and P&G traded accusations and lobbied shareholders to support their point of view. Trian Fund Management L.P. claimed an “overly complex organizational structure” stymied growth and discouraged innovation at the Cincinnati-based maker of Tide detergent, Pampers diapers, Gillette razors and Crest toothpaste.
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