Bill Ackman Building a Stake in United Technologies (UTX) - CNBC

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Ackman ends public battle with Herbalife, takes stake in United Technologies

February 28, 2018 12:18 PM EST

By Svea Herbst-Bayliss and Arunima Banerjee

(Reuters) - Six years ago, billionaire investor William Ackman wagered $1 billion that Herbalife's stock price would tumble to zero after publicly calling the nutrition company a fraud in a three-hour presentation before investors, analysts and the media.

On Wednesday there was little fanfare when the hedge fund manager let slip to a cable news reporter that his Pershing Square Capital Management was no longer betting against Herbalife.

Now, Ackman is building a position in aircraft parts maker United Technologies Corp, whose shares rose as much as 3.4 percent to $138.49.

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