While Bill Ackman has been in the media a lot for his J.C. Penney and Herbalife plays, the Pershing Square founder also has quite a successful investment on his hands: Canadian Pacific (CP). And now we get news that he's set to trim his stake by $800 million or so.
Post-sale, the hedge fund will retain around a 9.8% ownership stake in the railroad. CP has been a big winner for Ackman, tripling his investment.
Various investment banks are leading the sale of CP shares and this is the second time this year that Ackman has trimmed his CP stake, as he did so this summer already.
For more from this hedge fund manager, head to Bill Ackman's Q3 letter.
Friday, October 25, 2013
Pershing Square to Trim Canadian Pacific Stake
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