• TARGET REJECTS REAL ESTATE PLAN: Target Corp. said Friday it would not pursue proposals by activist investor William Ackman regarding the discounter’s real estate portfolio. Pershing Square Capital LP, the hedge fund run by Ackman, had recently proposed several real estate structure ideas, including spinning the holdings into a separate real estate investment trust in order to boost the company’s value. But Target said the “potential value created, if any, is highly speculative and insufficient to merit pursuit of a transaction given the costs, strategic and operating risks, and loss of financial flexibility related to executing the proposed transaction.”
This story first appeared in the November 24, 2008 issue of WWD. Subscribe Today.
• SLIM SNATCHING UP SAKS SHARES: Carlos Slim Helú, the second-richest man in the world, is building a larger stake in Saks Inc.. A trust controlled by the family of the Mexican billionaire bought 4.6 million shares of the firm last Tuesday and Wednesday at prices ranging from $2.74 to $3.78. That gives the trust a total holding of 22 million shares, or 16 percent of the 137.7 million shares outstanding as of Nov. 1.