Monday, 24 April 2017
Last updated 20 min ago
Jul 19 2012 | 11:15am ET
Pershing Square Capital Management owns about 1% of Procter & Gamble. But founder William Ackman thinks that's enough to influence the company.
Ackman told the CNBC Delivering Alpha conference that Pershing Square has "about $1.8 billion invest in P&G." The hedge fund sold off its stake in Citigroup to buy the P&G shares.
He added that P&G shares are already worth more than Pershing Square paid for them, and that "it's hard to lose money in P&G at the current share price."
Ackman would not second the P&G board, which yesterday offered its unanimous support for CEO Bob McDonald. The hedge fund manager would only say, "I look forward to meeting him."
Ackman also told the event that he expects to make 15 times to 20 times his money on Pershing Square's stake in J.C. Penney Co.