SHAVING PROCTER & GAMBLE: Activist investor William Ackman trimmed the Procter & Gamble Co. stock in his portfolio. The investor’s Pershing Square Capital Management sold 6.8 million shares of the consumer products giant between June 30 and Sept. 30, according to a regulatory filing. That leaves Ackman with 2.1 million shares of P&G valued at $179.1 million after the close on Thursday, when the stock rose 1 percent to $84.32. Ackman also has 25 million call options to rebuild his stake in the company.
The investor, who unsuccessfully tried to reenergize J.C. Penney Co. Inc., agitated to oust former P&G chief executive officer Bob McDonald. The ceo was ultimately replaced by his predecessor A.G. Lafley in May.
This story first appeared in the November 15, 2013 issue of WWD. Subscribe Today.