DealBook Briefing: Nelson Peltz’s Trian Pushes Back as P.&G. Reviews Vote

 In U.S.

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In August, Uber agreed to two decades of privacy and security audits to settle accusations from the F.T.C that the company did not keep promises to protect customer data.

Trian is pushing back against P&G’s review of its shareholder vote.

The largest and most expensive corporate proxy battle in history is getting even more contested, as Procter & Gamble reviews a preliminary tally of shareholder votes that showed a narrow win for activist investor Nelson Peltz.

Mr. Peltz’s investment firm, Trian Fund Management, expressed its disappointment on Wednesday that Procter & Gamble is waiting to make Mr. Peltz a director while it looks into election results from independent election inspector IVS Associates. Last week, Trian said that Mr. Peltz had won a seat on Procter & Gamble’s board by a slim margin of 42,780 shares, or about 0.0016 percent of the shares outstanding.

In a statement on Wednesday, Trian estimated that Procter & Gamble, which owns brands such as Tide and Gillette, has already spent $100 million defending itself since Mr. Peltz began his bid in July.

“P.&G. shareholders should be concerned that P.&G. has opted to waste further time and shareholder money contesting the official tabulation of the independent inspector,” Trian said. “The review and challenge process will be a continued distraction at a time when management and the Board should be focused on improving business results and regaining lost market share.”

Damon Jones, a spokesman for Procter & Gamble, said the company has “not issued a challenge to the results” and is “still firmly in the review period.”

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