Letter

Trian's July 2017 letter to Procter & Gamble shareholders

Trian Fund Management · 2017

It shows how an activist builds a board case from competitive evidence, using one acquired brand's lost share and a cost programme's flat results to argue for a single seat.

• Deals and M&A
• Activism and governance

1 idea from this letter

• TechniqueDeals and M&A located

  The acquired brand's market share is the cleanest test of an acquisition

  Judge an acquisition by what happened to the acquired brand's share of its market afterwards; the number is public and hard to argue with.

  Post-deal assessment, consumer and brand coverage, and any activist case built on competitive evidence rather than financial engineering.