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改革未见成效投资者坐不住了,宝洁遭遇全球最大代理权之战

一家对冲基金称,宝洁业绩持续低于预期,而且看起来宝洁并没有采取相关各方开会时讨论的改革举措,因此要努力争夺代理权。

对冲基金Trian Fund Management LP(下称“Train”)表示,首席执行官、亿万富翁纳尔逊·佩尔茨正争取宝洁公司的董事席位,希望推动宝洁采取更加大刀阔斧的举措重振销售。

Trian的行动是全球消费品巨头们跟投资者打持久战的最近一例,原因有些投资者认为巨头们的经营策略太过保守。今年早些时候,在激进私募股权投资集团3G推动下,卡夫亨氏公司向英荷合资的消费品巨头联合利华发起收购要约。就在上月,丹尼尔·勒布执掌的对冲基金Third Point积极要求瑞士食品集团雀巢变革,两家欧洲大企业都被迫提升股东回报,加快增效步伐。

佩尔茨的基金持有约33亿美元宝洁股份,正争取宝洁的其他股东在股东大会上投票支持佩尔次。他表示曾与一些消费品企业的管理层合作成功改善公司状况。

宝洁目前销售业绩疲软。为推动利润增长,公司剥离了一些盈利能力不佳的品牌,包括向美妆巨头科蒂集团售出41个美容品牌。同时,宝洁将重心放在汰渍、帮宝适和吉列等核心品牌上。

然而,种种努力并未明显提振宝洁公司的股价,现在的价位与年初基本持平。截至上周五收盘,宝洁公司市值2227.7亿美元,股价较2014年末的高点跌去5%。

Trian在递交文件中表示,宝洁业绩持续低于预期,而且看起来宝洁并没有采取相关各方开会时讨论的改革举措,因此要努力争夺代理权。

该基金称:“我们相信,宝洁面临的很多挑战都跟组织结构和企业文化有关,既有惯例往往会对改革形成很大阻力。”

佩尔茨接受《华尔街日报》采访时爆出了争夺代理权的消息。当时他说:“宝洁需要全盘革新的态度……不能再沿着老路前进。”

今年早些时候,Trian曾试图为佩尔茨争取宝洁的董事职位,但遭到了拒绝。

宝洁上周一发布电邮称,董事会充分相信公司种种革新举措将取得成果,董事会充分支持公司的战略、计划和管理。

Trian称,并不希望让宝洁四分五裂,也未打算将宝洁的首席执行官赶下台,还说佩尔茨当选后会将之前被顶替的董事重新选回。这场代理权之争将持续到宝洁年度股东大会,通常每年10月举行。(财富中文网) 

译者:Pessy

审稿: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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