Ackman loses half his investment in Penney sale

Associated Press
Ackman loses half his investment in Penney sale

FILE - This Feb. 6, 2012 file photo shows William Ackman, of Pershing Square Capital Management, in Toronto. Ackman, J.C. Penney's biggest investor and former board member, has sold his nearly 18 percent stake to Citigroup for $12.60 per share, a discount to the stock's recent closing price. The regulatory form filed late Wednesday, Aug. 28, 2013 confirms that Ackman, who owns Pershing Square Capital Management, lost about half of his investment since buying Penney's shares in 2010. Ackman paid on average about $25 per share. (AP Photo/The Canadian Press, Pawel Dwulit, File)

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