P&G may attract eye of another pushy investorHedge fund boss Bill Ackman persuaded the $210-billion Tide-to-Charmin consumer giant to oust its chief executive and bring back former boss AG Lafley in 2013 - then sold his shares within a year. Lafley's encore has delivered limited success, however. With P&G's sales stagnant and shares underperforming, a different activist might be tempted to have a go.Lafley, who led P&G to a 93 per cent total return during his first stint as CEO in the 2000s, outperforming the S&P 500 Index, has hardly been standing still since he took back the helm from Robert McDonald two years ago. He has pushed on with a $10-billion cost-cutting drive and is shaking up the company's sprawling portfolio by ditching dozens of smaller brands to leave a core of about 65 bigger, more profitable product lines.P&G has exited pet food and agreed to offload its Duracell battery business to Warren Buffett's Berkshire Hathaway. Consumer rivals Henkel and Co

Insufficient Bounty

Reuters

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Low-growth consumer stocks are pushing the limitShares in Procter & Gamble, Diageo and Unilever, among other peers, trade at around 20 times next year's expected earnings. That's despite seeing low or no growth in their emerging and developed markets. The consumer stalwarts can thank yield-starved investors, who are chasing reliable dividend payers.Beside near zero-yield sovereign bonds, it is easy to like the 3 per cent dividend yields on offer. But the stocks look expensive. Companies that command premium ratings usually do so because they are growing. But though the large global consumer companies are generally well run and soundly financed, they are having to run hard even to stand still. Fierce competition on supermarket shelves, stagnant spending by rich-country households and disappointing growth overseas mean most big companies in the sector are struggling to increase revenue.Sales of Tide detergent, Gillette razors and other P&G household products rose a meagre 2 per c

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United Technologies endures irrelevant CEOMore companies could do with bosses like Louis Chenevert of United Technologies: irrelevant. The chairman and chief executive of the $100-billion aerospace and defence conglomerate decamped abruptly on Monday without explanation from the company. Unlike with many other corporate shake-ups, including Sotheby's last week, the stock hardly budged. UTC may yet be put on the defensive, but the muted reaction is a sign of strength.Chenevert was well liked during his six-year reign as CEO. Helped by the successful $16-billion acquisition of aircraft parts maker Goodrich in 2011, United Technologies notched a total return of about 82 per cent during his tenure, narrowly outperforming the S&P 500 Index over that period. The exodus was clearly a surprise. UTC had been arranging press interviews for Chenevert ahead of an investor presentation next month, according to the Wall Street Journal.Absent any reason for the decision, it would have been easy f

Dearly departed

Buffett's $4.7 bn Duracell deal a double positiveWarren Buffett's $4.7 billion Duracell deal is more positive than negative. Berkshire Hathaway is paying for its latest acquisition by trading its stake in Procter & Gamble for the consumer stalwart's battery unit. Swapping a reliable staple for a declining business looks odd. But the transaction is structured in a way that means both sides are getting a decent deal. At first blush, it's an odd trade. The disposable battery market is shrinking about three  per cent each year as more consumer gadgets are powered by rechargeable batteries. P&G, meanwhile, has both bumped up its dividend and started spinning off non-core businesses this year.The stock has jumped 16 per cent since hitting its low for the year in February. Yet Thursday's deal means Buffett will no longer own any of it.But battery demand won't dry up entirely any time soon - devices like smoke alarms, TV remotes and old devices that aren't worth replacing will still ne

Kevin Allison