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Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, speaks at the Ira Sohn Investment Conference in New York in this May 8, 2013, file photo. Mr. Ackman is selling his nearly 18-per-cent stake in struggling department store chain J.C. Penney.
Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, speaks at the Ira Sohn Investment Conference in New York in this May 8, 2013, file photo. Mr. Ackman is selling his nearly 18-per-cent stake in struggling department store chain J.C. Penney.
(BRENDAN MCDERMID/REUTERS)

Ackman gets a win at Air Products, using CP playbook

Bill Ackman’s Pershing Square Capital Management LP just showed everyone how the Canadian Pacific Railway Ltd. situation could have played out had CP realized early on what a weak hand it was playing.

Mr. Ackman’s firm has reached a settlement with the board of its biggest investment, Air Products and Chemicals Inc., getting what it wanted with a minimum of mess.