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改革未見成效投資者坐不住了,,寶潔遭遇全球最大代理權之戰(zhàn)

改革未見成效投資者坐不住了,,寶潔遭遇全球最大代理權之戰(zhàn)

《財富》編輯和路透社 2017-07-23
一家對沖基金稱,寶潔業(yè)績持續(xù)低于預期,,而且看起來寶潔并沒有采取相關各方開會時討論的改革舉措,因此要努力爭奪代理權。

對沖基金Trian Fund Management LP(下稱“Train”)表示,,首席執(zhí)行官、億萬富翁納爾遜·佩爾茨正爭取寶潔公司的董事席位,,希望推動寶潔采取更加大刀闊斧的舉措重振銷售,。

Trian的行動是全球消費品巨頭們跟投資者打持久戰(zhàn)的最近一例,原因有些投資者認為巨頭們的經營策略太過保守,。今年早些時候,,在激進私募股權投資集團3G推動下,,卡夫亨氏公司向英荷合資的消費品巨頭聯(lián)合利華發(fā)起收購要約。就在上月,,丹尼爾·勒布執(zhí)掌的對沖基金Third Point積極要求瑞士食品集團雀巢變革,,兩家歐洲大企業(yè)都被迫提升股東回報,加快增效步伐,。

佩爾茨的基金持有約33億美元寶潔股份,,正爭取寶潔的其他股東在股東大會上投票支持佩爾次。他表示曾與一些消費品企業(yè)的管理層合作成功改善公司狀況,。

寶潔目前銷售業(yè)績疲軟,。為推動利潤增長,公司剝離了一些盈利能力不佳的品牌,,包括向美妝巨頭科蒂集團售出41個美容品牌,。同時,寶潔將重心放在汰漬,、幫寶適和吉列等核心品牌上,。

然而,種種努力并未明顯提振寶潔公司的股價,,現(xiàn)在的價位與年初基本持平,。截至上周五收盤,寶潔公司市值2227.7億美元,,股價較2014年末的高點跌去5%,。

Trian在遞交文件中表示,寶潔業(yè)績持續(xù)低于預期,,而且看起來寶潔并沒有采取相關各方開會時討論的改革舉措,,因此要努力爭奪代理權。

該基金稱:“我們相信,,寶潔面臨的很多挑戰(zhàn)都跟組織結構和企業(yè)文化有關,,既有慣例往往會對改革形成很大阻力?!?

佩爾茨接受《華爾街日報》采訪時爆出了爭奪代理權的消息,。當時他說:“寶潔需要全盤革新的態(tài)度……不能再沿著老路前進?!?

今年早些時候,,Trian曾試圖為佩爾茨爭取寶潔的董事職位,但遭到了拒絕,。

寶潔上周一發(fā)布電郵稱,,董事會充分相信公司種種革新舉措將取得成果,董事會充分支持公司的戰(zhàn)略,、計劃和管理,。

Trian稱,,并不希望讓寶潔四分五裂,也未打算將寶潔的首席執(zhí)行官趕下臺,,還說佩爾茨當選后會將之前被頂替的董事重新選回,。這場代理權之爭將持續(xù)到寶潔年度股東大會,通常每年10月舉行,。(財富中文網)?

譯者:Pessy

審稿:夏林

Nelson Peltz's Trian Fund Management LP said Monday it's seeking a seat for its billionaire chief executive at Procter & Gamble Co's board as it looks to push the company to take more drastic steps to revive sales.

Trian's move is the latest in a lengthening series of assaults on the world's biggest consumer goods companies by those who think they're too conservatively run. Earlier this year, Kraft Heinz, under the guidance of the aggressive private-equity group 3G, pitched to Anglo-Dutch giant Unilever, while last month Daniel Loeb's Third Point fund pushed for changes at Swiss-based Nestlé. Both of the European companies have since been forced to increase shareholder payouts and accelerate planned efficiency measures.

Peltz's fund, which owns about $3.3 billion of P&G's stock, urged shareholders to vote for Peltz at the company's shareholder meeting, citing his track record of working with managements to turn around consumer companies.

In a bid to boost profits even as sales remain stagnant, P&G has sold unprofitable brands, including 41 beauty brands to Coty Inc and focused on core brands such as Tide, Pampers and Gillette.

However, those efforts have failed to boost the company's stock much beyond the level where it traded at the beginning of this year. The company had a market value of $222.77 billion, as of Friday's close. The shares are down 5% from their peak in late 2014.

Trian said in the filing it was launching the proxy fight because of P&G's continuing underperformance and the lack of tangible evidence that the company had embraced initiatives discussed at various meetings between the parties.

"We believe that many of (P&G's) challenges relate to the company's organizational structure and culture, which can be highly resistant to change," the fund said.

In an interview with The Wall Street Journal, which broke the news last night, Peltz said that “We need a game-changing attitude at P&G....We just can’t keep going along the same path.”

Trian had sought a seat for Peltz on P&G's board earlier this year, but was declined by the company.

P&G said in an email on Monday that its board was confident that the changes being made by the company were producing results and expressed complete support for its strategy, plans, and management.

Trian said it was not seeking a break-up of P&G or the ouster of the company's chief executive, adding that in case Peltz was elected he would seek re-election of the director he replaced. The fight will play out over the run up to the company's annual meeting, which is usually held in October.

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