Peltz, whose Trian Fund Management LP owns a $3.5 billion stake in the world's largest consumer products maker by market capitalisation, refused to concede defeat, saying the vote was too close to call before the certified results are released.
Sources said the difference in for and against votes for Peltz's board director nomination was well within one percentage point. An independent inspector is expected to review and certify the votes this month and Trian could then legally challenge the result.
"We anticipate Peltz, who has taken issue with the firm's organizational structure, corporate governance, and recent financial performance, to contest the vote," Morningstar analyst Erin Lash said.
If the outcome is confirmed, it would be a bruising loss for Peltz, given that P&G sought to turn the proxy contest into a referendum on his credentials as a seasoned executive in the consumer sector, with board director experience at Kraft Heinz Co and Mondelez International Inc.
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