Procter & Gamble (PG) news: Bill Ackman sells 19 million shares of P&G stock

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. 

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