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Nelson Peltz’s Trian Fund Management began a proxy fight to win a board seat at Procter & Gamble Co., characterizing the maker of detergents and diapers as a lumbering giant whose stock has underperformed its peers.

Trian will seek a seat for Peltz at P&G’s annual shareholder meeting, according to a proxy filing Monday with the U.S. Securities and Exchange Commission. The firm, which initially revealed its position in February, now holds 37.6 million P&G shares, or about 1.5%. It’s not seeking a breakup of the company or a new chief executive officer, but rather to shake up its “slow-moving and insular” culture, according to the filing.

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