(Article updated to include Fortune Brands purchase.)
NEW YORK (
) -- Activist investor
's hedge fund
Pershing Square Capital Management
has disclosed a significant stake in retailer
(JCP - Get Report)
According to a 13D filing with the Securities and Exchange Commission, the fund bought about 39 million shares in J.C. Penney, (including 4.1 million in options and about 600,000 shares under a swap arrangement), bringing its total stake in the retailer to 16.8%. A 13D filing typically signifies activist intent.
The purchase makes Pershing the company's largest shareholder.
Ackman, known for taking big bets on companies and pushing them for change, held other retailers including
(TGT - Get Report)
in his last portfolio. Last year, Ackman lost a battle to win more seats on the board of Target.
In another big bet on the consumer sector, the fund disclosed after the closing bell on Friday that it had purchased 16.68 million shares in the spirits-maker
, a 11% stake. The stock rose more than 7% on Friday on reports of the purchase.
-- Written by Shanthi Venkataraman in New York.
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