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The Wall Street Journal: Ackman reveals Pershing Square has built $1 billion stake in Lowe’s

William Ackman’s Pershing Square Capital Management LP is becoming a member of every other activist investor in Lowe’s Cos., hoping to benefit as the retailer tries to make improvements under a brand new leader govt.

Pershing Square has built a stake in the home-improvement chain valued at roughly $1 billion as of Tuesday’s shut in what is predicted to be a pleasant funding, according to other people acquainted with the matter. Lowe’s LOW, +10.43%   had a market worth of roughly $77.7 billion on Wednesday afternoon.

Ackman printed the placement at a conference in New York on Wednesday, said the folks, who were in attendance. He built it over the last 45 days, they said.

The other people said Ackman supports Lowe’s incoming Chief Executive Marvin Ellison, who all through 12 years at Home Depot Inc. HD, -0.11%   was credited with making improvements to customer support and e-commerce and expanding its skilled business. On Tuesday, it was announced that Ellison would depart his place as CEO at struggling retailer J.C. Penney Co. JCP, +0.00%   to take the highest activity at Lowe’s, where he is anticipated to attract from the similar playbook he used at Home Depot.

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