Procter & Gamble Shares Edge Up as Proxy Battle Nears Finish Line

P&G headquarters in Cincinnati

P&G headquarters in Cincinnati Credit Procter & Gamble Co

Initial voting results show Procter & Gamble successfully fending off an attempt by activist investor Nelson Peltz to capture a seat on its board, though he did not immediately concede, saying it was too close.

The investor's Trian Partners wants an official tally.

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. Trian, which invested in the company less than a year ago, said that the shares have been pumped up by its ownership and interest.

"Win or lose, the shareholders have spoken".

Peltz was just as determined moments after the preliminary results were released.

Peltz spoke in an interview with CNBC's "Squawk on the Street" after P&G said its shareholders voted against giving the activist investor a seat on its board.

"I don't think they're serving their shareholders properly", he said. "I think you can do a lot better".

Peltz's Trian Funds owns a $3.5 billion stake in the maker of Tide detergent, Crest toothpaste and many more.

P&G is trading at $91.10 as of 11 a.m.in NY on Tuesday.

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