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Ackman's Pershing Square Capital Opposing Raytheon, United Technologies Merger

Martin Baccardax

William Ackman, who runs the activist hedge fund Pershing Square Capital Management LP, contacted United Technologies' CEO Greg Hayes shortly after the deal was made public Sunday, according to sources speaking to the Reuters news agency and providing them with the correspondence. Ackman, whose fund owns around 0.67% of United Technologies, had previously supported the group's plans to split into three separate businesses. "We are extremely concerned that such a transaction will significantly lower the business quality of pro-forma United Technologies' aerospace business, and, to make matters worse, will be accomplished through the highly dilutive issuance of large amounts of United Technologies stock," the Ackman read.