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Procter & Gamble on Thursday said activist investor Nelson Peltz's plan to boost shareholder value would result in higher costs, lower profits and another restructuring that could lead to a breakup of the company.
Peltz's Trian Partners released its long-awaited proposal on Wednesday, and called for P&G to be organized into "three largely autonomous business units under a lean holding company".
"Mr. Peltz's suggestions would be value destructive, and we believe it represents another example of his misguided view of P&Gs business," P&G said in a statement.
P&G said it had studied several organizational structures, including the one proposed by Peltz, and concluded it would result in higher costs, lower efficiency, reduced profits, and an added layer of management complexity.
Trian, P&G's fifth-largest shareholder, has been locked in a prolonged battle with the consumer products conglomerate, raising investor hopes of a break-up of the company.
In July, Peltz made public his frustrations with the company's lagging stock price and its "suffocating bureaucracy" and said he was seeking a board seat, a demand the company has turned down.
"The board evaluated Mr. Peltz against its previously identified list of desired skills and experiences and concluded that he did not fill a current need," P&G said in the statement, adding that it did not get positive recommendations about Peltz from others who have worked with him.
Shareholders will vote on Oct. 10 on whether to add Peltz to the board.
P&G's shares, which have risen 5.5 percent since Peltz announced his stake in the company in February, were slightly higher before the opening bell.