By Dow Jones Business News,
May 15, 2014, 06:00:00 PM EDT
Pershing Square Exits Stock Position in Procter & Gamble
By David Benoit
William Ackman's Pershing Square Capital Management LP exited its stock position in consumer products giant Procter &
Gamble Co. ( PG ) during the first quarter, according to a filing Thursday.
Pershing Square had been trimming its stock in recent quarters and the exit comes less than two years after Mr. Ackman
first took the stake and began agitating for new management. In early 2013, P&G removed its chief executive, Robert
McDonald, who had been under fire from Wall Street analysts when Mr. Ackman first appeared in July 2012. The company
brought back former chief executive A.G. Lafley, who Mr. Ackman has supported.
Since Pershing Square's position was made public in July 2012, P&G shares were up 31% through the first quarter.
Meanwhile, the filing also confirmed Pershing Square's exit from mall operator General Growth Properties Inc. ( GGP ),
the firm's most profitable investment ever. Mr. Ackman had told investors at a dinner in February he had sold the
remainder of that stake. A presentation said Pershing Square's investment went up 256% in General Growth Properties.
Pershing Square bought General Growth Properties in November 2008 as the company was struggling with its bond
payments. General Growth Properties would declare bankruptcy months later. Pershing Square held on to the stock and rode
it back to massive gains.
Thursday's filing, which shows the firm's holdings as of March 31, includes only a small portion of a $4 billion
investment Pershing Square has made in Botox-maker Allergan Inc. ( AGN ). Last month, Mr. Ackman revealed that investment,
his biggest ever, and a campaign in which he has teamed with Canadian drug maker Valeant Pharmaceuticals International
The filing also revealed new stakes in two real-estate investment trusts in the multi-family space, Apartment
Investment & Management Co. ( AIV ) and Home Properties Inc. ( HME ). The position in Apartment Investment & Management is
worth about $116 million as of Thursday's close, while the Home Properties is worth nearly $30 million.
The securities filing, known as a 13F, is a quarterly update on the holdings of the firm, a requirement for all
investment firms who manage $100 million or more. Pershing Square manages about $13 billion in total assets.
Write to David Benoit at David.Benoit@wsj.com
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