Thursday, 30 July 2015
Last updated 11 hours ago
Jun 4 2013 | 11:41am ET
Pershing Square Capital Management founder William Ackman has said that shutting down Herbalife, the nutritional supplements company that he has called a pyramid scheme, would be a high point in his life.
Ackman told the Financial Times, during an interview ostensibly about the Pershing Square Foundation's £4.5 million gift to Oxford University's business school, "If I manage to close down that company I will consider it the greatest achievement of my life."
Ackman in December opened a $1 billion short against Herbalife, reopening a decade-long feud with Carl Icahn, who is now backing the company. Herbalife has denied Ackman's allegations.
And while it may not be his greatest achievement, Ackman has turned a tidy profit on his investment in Canadian Pacific Railway, which he seized control of last year. Pershing Square said this week that it would sell a quarter of its CP shares over the next six to 12 months, which at Monday's closing price would earn it a roughly US$600 million profit.
CP shares have tripled in value since Ackman bought his stake.
Even after the sale, Pershing Square will be CP's largest shareholder.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…