Initial results show Nelson Peltz has been thwarted by $236 billion maker of Tide and Crest in largest proxy battle in history (PG)

Nelson Peltz has been thwarted in the largest proxy battle in history, failing to claim a board seat from $236 billion giantProcter & Gamble.

Peltz, the founder of $14 billion hedge fund Trian Partners, lost the proxy fight by a slim margin against P&G, the maker of consumer products like Tide, Crest, and Bounty and the largest-ever company to face such a challenge.

Trian quickly announced it disagrees with the vote count by P&G, which is led by CEO David Taylor, and is calling for a recount.

“If anything its plus or minus one percent, we need to really count it and understand it,” Peltz said in an interview on CNBC. “No matter what happens, I think David should put me on the board. Even if they do win, think about what a pyrrhic victory it is.”

Thebillionaire investorhas been trying to shake up Procter & Gamble since announcing a $3.5 billion stake in February. He was nominated to the board inJuly.

The two companies have spent some $100 million on the campaign to win over shareholders, 40% of which are comprised of individual retail investors, according to Reuters.

In the interview with CNBC, Peltz claimed that aside from P&G employees, shareholders overwhelmingly favored Trian’s bid.

“The dissatisfaction on behalf of the retirees and the old time shareholders was amazing,” Peltz said.

This story is developing.