Pershing Square Adds GM, Almost Triples General Growth Holding-Filing
February 14 2011 - 8:51PM
Dow Jones News
Activist investor Bill Ackman's Pershing Square Capital
Management added General Motors Co. (GM) to his portfolio in the
quarter ended Dec. 31, 2010, according to a regulatory filing
Monday.
The hedge fund manager, which reported equities stakes worth a
total $5.84 billion in the document, bought 7.2 million shares in
the automaker, a stake that would be worth $261 million as of
Monday's close.
For the three months ended Dec. 31, Ackman almost tripled
Pershing Square's holding in General Growth Properties Inc. (GGP)
to 70 million shares from 24 million at the end of the previous
quarter. He had earlier disclosed holding increases in J.C. Penny
Co. Inc. (JCP) to 34.9 million shares and Fortune Brands Inc. (FO)
to 16.7 million shares.
Meanwhile, he substantially reduced his stake in Automatic Data
Processing Inc. (ADP) to less than a fifth of the 8.7 million
shares Pershing Square owned at the end of September, and halved
his holding in Target Corp. (TGT) to 7.4 million shares.
He also reduced his stake Corrections Corp. of America (CXW) by
30% to 7.8 million shares, and reduced his stake in Kraft Food Inc.
(KFT) by a similar proportion to 19.5 million shares.
-By Amy Or, Dow Jones Newswires; +1 212 416 3142;
amy.or@dowjones.com
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