Breaking News

Pershing Square Takes Stake in P&G

July 12, 2012

Shares rose almost 5% at household and personal care giant.

Pershing Square Capital Management, a hedge fund led by CEO William Ackman, got cleared by the Federal Trade Commission to take a stake in Procter & Gamble, according to reports. As a result, shares of P&G rose 4.4% midday to $64.09—a 52-week high, added reports.

If Ackman does pursue an investment, he may push for the sale of several divisions to bolster shareholder value, said reports.

As of 2010, Pershing amassed a position in Target Corporation, reported at 26 million shares.

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