Two days after Warren Buffett announced his retirement as chief executive of Berkshire Hathaway in early May, the outspoken investor Bill Ackman set in motion his plan for a rival.
As investors were still processing the future of the world’s most valuable financial company without its 94-year-old architect, Ackman trumpeted his plan: to transform Howard Hughes Holdings, a smattering of US property assets assembled by the reclusive billionaire industrialist, into a “diversified holding company” in the mould of Berkshire.
Ackman struck a deal to kick-start his endeavour four months after he initially pitched it in a letter to investors.
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