Recently, Bill Ackman has been in the news for a floundering project — JC Penny.
Welcome to the reprieve.
The Wall Street Journal reports that Ackman has taken a major stake in commodities giant Procter & Gamble with the Federal Trade Commissions blessing.
The Pershing Square founder is known for making major changes to ailing companies in which he has a significant stake. In this case, it looks like his stake will be truly powerful, according to Bloomberg, it’s his “largest initial investment ever.”
Since Ackman’s stake was announced, P&G’s stock has jumped over 4%.
“We welcome investment in our company,” Paul Fox, a P&G spokesman, said in an e-mailed statement. “We are focused on creating shareholder value by executing on our plan to deliver top- and bottom-line growth through our $10 billion cost savings program, renewing our focus on innovation, pricing initiatives and improved execution, and reallocating resources to invest in the highest return opportunities.”
Looks like everyone’s happy… for now.
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