The Procter & Gamble Company (PG) Q1 2019 Results Earnings Call Transcript

Trian sold 1.21 million shares of the consumer-products giant for $119.8 million, or $99.08 each on average, from Wednesday through Friday, according to a form it filed to the Securities and Exchange Commission. It now owns 36.7 million Procter & Gamble shares.

Trian turned up the heat on P&G in February 2017 by buying a large stake. That was followed by months of a high-profile back-and-forth between the two. At an P&G shareholder meeting in October 2017, the company had claimed that it had prevailed in a proxy contest against Peltz, an activist investor who was running for the board with an eye on making changes at the company. A recount later showed that Peltz had actually won, and after some delay, P&G agreed to seat him.

Trian didn’t immediately respond to a request for comment on the sale.

P&G stock had a flat 2018, a year that saw most consumer-staples stocks take a pounding. The shares have gained 7.1% so far in 2019.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.

Source : https://www.barrons.com/articles/nelson-peltzs-trian-sells-procter-gamble-stock-51550271137

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