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Procter & Gamble: Nelson Peltz now almost on board.

(CercleFinance.com) - Procter & Gamble shares are up today after a report showed activist investor Nelson Peltz has actually been elected to the company's board of directors by a small margin.

According to preliminary results compiled by IVS Associates, the independent inspector of elections, Nelson Peltz is ahead of Ernesto Zedillo, by a margin of approximately 0.0016%, or 42,780 shares, P&G said last night.

Last month Procter & Gamble said Nelson Peltz had not been not elected to the board, based on a preliminary vote count following the group's annual meeting of shareholders.

While P&G insists that final results will be disclosed "in the weeks ahead," Trian - the hedge fund run by Nelson Peltz - said it greatly appreciated the support and that it felt "gratified."

"Nelson Peltz looks forward to working collaboratively in the boardroom with the other members of the board and management team to revitalize P&G," Trian said in a statement.

Analysts seemed to have welcomed this news.

"We believe Peltz will act as a change agent, helping to organize the company into three three global business units (GBUs) to promote accountability, ensure the productivity plan drives results and fixing brand development/innovation," Jefferies said.

In a reaction note, the broker points out that P&G shares are currently trading in line with peers, but believe that Peltz's arrival could help shares re-rate to a 10-15% premium.

The P&G stock is currently up 1.2% today in Wall Street.

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