Fortune Brands Swaps Grow Amid Break Up Speculation

Dear Client: Traders buying protection on Fortune Brands pushed the swaps to the highest level since April 2009 today amid speculation that Bill Ackman's Pershing Square may break up the company, reports Bloomberg. Investors are buying protection "in part against uncertainty about how much debt will be added through any transition." At this point Ackman could push for a shake-up in management, a sale of the company or a breakup of its three business units, so there is quite a