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FILE PHOTO: William ‘Bill’ Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid
(Reuters) – William Ackman’s activist hedge fund Pershing Square Capital Management LP is opposed to United Technologies Corp’s $120 billion aerospace merger with defense contractor Raytheon Co, a person familiar with the matter said on Tuesday.
Pershing Square wrote to United Technologies’ board to express its concerns about the deal, the source said. The hedge fund argued that the merger would distract from the company’s strategy of being nimble and focused, the source added.
A spokesman for Pershing Square was not immediately available for comment, while United Technologies and Raytheon did not immediately respond to requests for comment. The Wall Street Journal first reported on Pershing Square’s opposition to the deal.
Reporting by Svea Herbst in New York; Editing by Lisa Shumaker
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