Peltz calls P&G a "suffocating bureaucracy"

Downy softener and Tide laundry detergent products distributed by Procter & Gamble are

Downy softener and Tide laundry detergent products distributed by Procter & Gamble are

Trian said it was disappointed by the rejection and advised those in attendance it would push ahead with a proxy fight. However, Trian did not call for a breakup of the company. "Trian believes P&G must take decisive action that goes above and beyond what P&G has presently committed to do".

Trian owns about 37.6 million shares (approximately 1.4%) of P&G's outstanding stock, worth about $3.3 billion at Friday's closing price of $87.10 per share.

In reiterating its Hold rating on the shares, DB says PG "has missed a number of big industry changes over the last several years, notably share losses in USA men's shaving and China broadly, but we believe management is now more focused than ever to bring superior innovation to the market to drive share gains". P&G is expected to hold its annual shareholder meeting in October. Last week, P&G officially declined to give Peltz a seat on the board.

Company executives have been implementing a strategy to sell off lower-selling brands and refocus P&G on its 65 top-selling labels, including Pampers and Tide.

Trian and Procter & Gamble Co were close to reaching an agreement that would allow Peltz to join the Board if public goals weren't met, but the discussions fell apart in May.

P&G's shares have underperformed peers such as Colgate-Palmolive and Johnson & Johnson, as well as the broader S&P 500 index, in the past decade. For the last two years, executives urged investors to be patient. Currency exchange rates have diluted the impact of the $10 billion in cost cuts P&G delivered over the past five years, and now it seems fair "to question the benefit of re-investing those savings, particularly as sales and earnings growth have only decelerated over this time frame, according to Lieberman".

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