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The biggest proxy fight in history, pitting activist investor Nelson Peltz against Procter & Gamble Co., will also be one of the most expensive.

The two sides expect to spend a combined $60 million on the contest for a board seat at the Cincinnati-based company, according to separate regulatory filings this week by P&G and Peltz’s Trian Fund Management. Peltz estimated his firm will deploy $25 million to gain access to the consumer-products company’s boardroom, while P&G said it budgeted an extra $35 million to keep him out.

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