IHS Chemical Week

Hedge fund Pershing Square acquires 9.8% stake in Air Products

12:17 PM MDT | July 31, 2013

Pershing Square Capital Management (New York), run by activist investor Bill Ackman, has acquired a 9.8% stake in Air Products, according to regulatory filings. The firm says in the filing that Air Products “is undervalued and is an attractive investment.” Air Products said in a statement Wednesday that it has not been contacted by the hedge fund “but welcomes new investors and looks forward to engaging with Pershing Square to understand its views.” Air Products last week adopted a stockholder rights plan, or poison pill, noting “unusual and substantial...

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