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Bill Ackman Bailey McCann, Opalesque, New York:
Bill Ackman, of Pershing Square Capital Management, confirmed that he has taken an 18% stake in Procter & Gamble, during the CNBC Institutional Investor Delivering Alpha Conference yesterday in New York City. During a panel, Ackman noted that while current Procter & Gamble CEO Bob McDonald has the support of the board in his turnaround plan, Ackman feels as though it is worth exploring how Pershing Square can "bring value," to the firm.
Pershing's stake is worth about $1.8bn, with additional options. "I look forward to meeting him," Ackman said of McDonald. He noted that it would be very hard for his firm to lose money given what they paid - which is below the current share price. Procter & Gamble is in the process of a multi-billion dollar restructuring.
Ackman has been involved in significant changes at other companies including JCPenney, a relationship he also spoke of during the event. He explained that while the company has had a hard time recently leveraging its pared down marketing plan, overall the brand message of JCPenney has become more focused and will ultimately be clearer to the consumer.
Related article: Ackman exits Citi to raise cash for P&G
From CNBC.com: Hedge fund Pershing Square Capital Management told investors this week that it recently sold its position in Citigroup and used that money to buy shares of Procter & Gamble... Ackman said he feels that Citi, which the fun...................... To view our full article Click here
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