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Billionaire activist blasts P&G for letting online shave clubs obliterate Gillette

Activist investor Nelson Peltz blames Procter & Gamble for allowing online shave club rivals to gobble up razor market share from its Gillette business.

The billionaire investor, who launched a proxy fight Monday to get on the P&G board, told CNBC that former Gillette employees told him they wouldn't have let online rivals Dollar Shave Club and Harry's gain as much of a foothold as P&G did.

"I spoke to a lot of the ex-Gillette guys and you know what they said," Peltz said on "Squawk on the Street." "If Dollar Shave Club, and whoever the other guy is, were around when they were running Gillette, they would have put a group of them together — five or 10 guys in a room — and say 'how do we put these guys out of business now?'"

"That's what should have happened years ago. It...