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.