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PROCTER & GAMBLE COMPANY (PG)
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Procter & Gamble : Ahead of proxy vote, P&G pushes hard to keep Peltz off board

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10/04/2017 | 12:44am CET

Procter & Gamble Co's (>> Procter & Gamble Company) Chief Executive David Taylor urged investors to back its turnaround plan and vote against activist investor Nelson Peltz's addition to the board, just days ahead of the largest proxy vote in corporate history.

Procter & Gamble Co's (>> Procter & Gamble Company) Chief Executive David Taylor urged investors to back its turnaround plan and vote against activist investor Nelson Peltz's addition to the board, just days ahead of the largest proxy vote in corporate history.

"We strongly recommend you give us this opportunity to finish this transformation," Taylor said during a question and answer session with investors.

"We are executing and need to stay the course."

The Q&A session was also attended by P&G's chief financial officer, Jon Moeller, and board member Meg Whitman, the CEO of Hewlett Packard Enterprise (>> Hewlett Packard Enterprise Co).

Peltz, who has amassed a $3.5 billion stake in the Tide detergent maker through his Trian Fund Management firm, is locked in a public battle with the company since June over its future and is pushing for a seat on P&G's 11-member board.

The activist investor has criticized P&G, saying that the company's transformation is being hindered by its "suffocating bureaucracy" and has proposed shrinking P&G's businesses into three largely autonomous units.

He has also said the board, which is largely composed of chairmen and CEOs of other companies, is disengaged with the company's day-to-day affairs.

On the call with shareholders, Whitman, Taylor and Moeller rejected Peltz's allegations that P&G had an insular culture, stressing that the company's streamlining had reduced complexities.

They also said board members were regularly in touch with the management to help it best respond to changing consumer preferences.

The tussle between P&G and Peltz intensified last month as both parties try to swing the votes in their favor at the annual shareholder meeting on Oct. 10.

The stakes are high as P&G, with a market capitalization of $235 billion, is the biggest listed U.S. company to face a proxy fight.

"After extensive due diligence we do not think the choice to add Mr. Peltz to this board is the right one," CEO Taylor said.

Whitman said the board wasn't against activists, but adding Peltz at this juncture wasn't right as P&G was already deep into its transformation journey.

"It's about the right board member at the right time," Whitman said.

(Reporting by Siddharth Cavale in Bengaluru; Editing by Anil D'Silva)

By Siddharth Cavale

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Financials ($)
Sales 2018 66 962 M
EBIT 2018 14 879 M
Net income 2018 11 019 M
Debt 2018 24 913 M
Yield 2018 3,10%
P/E ratio 2018 22,19
P/E ratio 2019 20,56
EV / Sales 2018 3,82x
EV / Sales 2019 3,72x
Capitalization 231 B
Chart PROCTER & GAMBLE COMPANY
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Procter & Gamble Company Technical Analysis Chart | PG | US7427181091 | 4-Traders
Technical analysis trends PROCTER & GAMBLE COMPANY
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 92,5 $
Spread / Average Target 1,8%
EPS Revisions
Managers
NameTitle
David S. Taylor Chairman, President & Chief Executive Officer
Jon R. Moeller Vice Chairman & Chief Financial Officer
Kathleen B. Fish Chief Technology Officer
Rita Oghassabian Senior Product Manager
Terrence J. Porter Vice President-Global Research & Development
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