July 17, 2017 12:04 a.m. ET
Investor Nelson Peltz plans to launch a fight for a board seat at Procter & Gamble Co., in an effort to jolt the consumer-products giant whose sales and profit growth stalled, according to people familiar with the matter.
The move would make P&G, with a market value of $222 billion, the largest company ever to face a proxy fight. Should Mr. Peltz’s Trian Fund Management LP win, which is far from guaranteed given how much support it must gain from other shareholders, it would mark a new milestone for a shareholder-activism movement that has shaken up some of the biggest U.S. companies in recent years.
Trian, which owns roughly $3.3 billion of P&G stock, will seek a single seat for Mr. Peltz in a shareholder vote…
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