P&G faces uphill fight with Peltz after proxy firms back him

New York

PROCTER& Gamble Co is facing longer odds in its standoff with Nelson Peltz, the billionaire investor who is vying for a board seat in one of the most contentious proxy fights in years.

Mr Peltz won the approval of prominent shareholder-advisory firm Institutional Shareholder Services Inc (ISS) lastFriday, following a similar endorsement from Glass Lewis & Co the previous week. The firms' support could give Mr Peltz a crucial edge in persuading P&G's biggest investors to vote him onto the board during its annual meeting on Oct 10.