HARTFORD (dpa-AFX) - Billionaire hedge-fund manager Bill Ackman called for a breakup of United Technologies Corp. (UTX) saying the individual businesses are more likely to trade at fair value as independent companies.
In his hedge fund Pershing Square's latest quarterly letter to shareholders, Ackman said he has had a 'constructive engagement' with United Tech management, 'who appear focused on unlocking shareholder value.'
Earlier this week, Pershing disclosed in a regulatory filing that it had acquired 1.94 million United Tech shares in the first quarter, along with an investment in an as-yet unnamed company.
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