CINCINNATI - Hedge fund investor Bill Ackman, who raised a ruckus in Cincinnati by acquiring a 1 percent stake in Procter & Gamble Co., sold about two thirds of his P&G stake in the quarter ending June 30.
Regulatory filings show Ackman's Pershing Square Capital Management sold 19 million shares, retaining 8.9 million as of June 30 .
Ackman also acquired 25 million call options, giving him the right to purchase additional P&G shares in the future. If P&G shares keep rising Ackman can exercise his options for additional profit.
Ackman acquired P&G shares in 2012 when the stock was trading in the low 60s. It closed Wednesday at $81.25. Ackman's investment in P&G generated a profit of more than $300 million.
Ackman was a critic of former P&G CEO Bob McDonald, who resigned in May and was replaced by former CEO A.G. Lafley.