Pershing Becomes Top Investor in J.C. Penney, Fortune
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Pershing Square Capital Management LP, the New York hedge-fund firm led by William Ackman, disclosed stakes in J.C. Penney Co. and Fortune Brands Inc. that made it the largest investor in both companies.
Pershing Square took a 16.5 percent stake in J.C. Penney equaling 39 million common shares, including about 4.15 million options, according to a regulatory filing today. The firm plans to engage in talks with J.C. Penney’s board and managers regarding the company’s performance, according to the filing. Pershing Square also disclosed a stake in Fortune Brands Inc., maker of Moen faucets and Jim Beam bourbon.