William A. Ackman, founder of Pershing Square Capital Management LP, sold his Kraft Foods Inc. stake and bought about 21.9 million shares of Procter & Gamble Co.
Ackman also got rid of his stake in Family Dollar Stores Inc., according to a U.S. Securities and Exchange Commission filing yesterday that reflects holdings as of June 30.
Previously Ackman’s Pershing Square owned about $589.4 million of Northfield, Illinois-based Kraft and $165.5 million of Matthews, North Carolina-based Family Dollar, according to data compiled by Bloomberg. Pershing paid about $1.34 billion for its P&G stake.
P&G, based in Cincinnati, is working to save $10 billion by 2016 by cutting jobs to improve its declining profit. Considered an activist investor, Ackman may push for leadership changes at P&G, according to people familiar with the matter.
P&G, the maker of Tide laundry detergent, rose 0.4 percent to $66.73 yesterday at the New York close. The shares have gained 9.1 percent in the past 12 months.