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Peltz Must Target Retail Investors In P&G Fight

The largest director-election battle ever to be held is in its second week fully in the public sphere and both its protagonist, activist Nelson Peltz and his target, Procter & Gamble Co. (PG) , will soon begin focusing a lot of attention on the company's hundreds of thousands of retail investors.

"They both know that retail investors can make or break Trian's campaign," said Thomas Ball, managing director at proxy solicitor Morrow Sodali. "There are typically lots of retail...