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Hedge fund billionaire Nelson Peltz has won a proxy vote recount for a board seat at Procter & Gamble, sources told CNBC.

The manager of Trian Partners won the recount by 43,000 votes, though Procter & Gamble can still challenge.

Shares of the consumer product giant jumped 3.4 percent in after-market trading.

This story is developing. Please check back for updates.

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Last month this proxy fight was big news

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Activist investor Nelson Peltz told CNBC on Friday that P&G has wasted more than $100 million to fight his attempt to get on the board.

Given Procter & Gamble's market value of $235 billion, it's the largest company to face a proxy fight.

"This proxy fight is probably the dumbest thing I've ever been involved in," the billionaire CEO of Trian Partners said. "Think about that, $100 million, all this sales and effort, to keep me off the board," he said. "And I've said that if I come on the board, no one has to get off. I will nominate the man to come right back on."

He said the vote, scheduled for Tuesday, will be close.

"I'm not allowed to speculate," Peltz said on "Squawk Box." "But I would agree it's probably going to be close. I only have close ones."

Peltz's $12.7 billion hedge fund, Trian Partners, has taken a $3.5 billion stake in P&G. He told CNBC he's seeking a P&G board seat because the company has "lost its soul."

Peltz said Trian has gotten results even when it has lost proxy fights.

The hedge fund manager said he believes he can still work with P&G Chief Executive Officer David Taylor

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CEO David Taylor, who bitterly opposed Peltz, came out immediately after the October vote and claimed victory. He refused to not only seat him on the board, but to even consider his suggestions.

Despite Taylor's victory pronouncements though, the vote margin was razor-thin. It was close enough to require a recount. In the end, David Taylor comes out of this looking incompetent in nearly everyway.

Peltz logs a huge victory for activists. Margin of victory was 0.000000000001%.