William Ackman Takes 11% Stake in Fortune Brands…

Dear Client: ...which makes him the biggest shareholder. CNBC first reported after the opening bell that Pershing Square, the hedge fund run by William Ackman, has taken an 11% stake in Fortune Brands. A source has also confirmed the news to Reuters. Fortune Brands stock reached 10% in early trading this morning.It appears that news about the activist stake hit the markets before the filing was published by the SEC. (It's still not there). It's not quite clear what this