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Hedge-fund billionaire Nelson Peltz has won a proxy vote recount for a board seat at Procter & Gamble.
The manager of $12.5 billion Trian Partners won the recount by 43,000 votes, though Procter & Gamble can challenge the result. Still, it is a stunning and surprising victory after months of a standoff between the hedge fund and the company.
The win was announced late Wednesday, when the hedge fund said that according to a preliminary tabulation by IVS Associates, an independent inspector, Peltz was elected to the P&G board.
Shares of the consumer product giant jumped more than 3 percent in after-market trading.
Peltz, an activist investor, took on P&G over the summer, seeking a board seat after the company rejected his request to be added to the board. The two sides battled it out in the media, but P&G declared victory after the company's October shareholder meeting. The preliminary votes had indicated Peltz failed to secure a win.
In a statement on Wednesday, P&G acknowledged the narrow margin of votes and said, "The results are still preliminary and are subject to a review and challenge period during which both parties will have the opportunity to review the results for any discrepancies."
At the time of the shareholder meeting, Peltz said regardless of the outcome he would continue to push the company to follow his suggestions to streamline operations.
Trian owns $3.5 billion shares of P&G. In a statement, the fund company said, "Trian strongly urges P&G to accept the Inspector's tabulation and not waste further time and shareholder money contesting the outcome of the Annual Meeting."
Trian added, "Nelson Peltz looks forward to working collaboratively in the boardroom with the other members of the Board and management team to revitalize P&G."