Bill Ackman, founder and chief executive officer of Pershing Square Capital Management LP, speaks during a Bloomberg Television interview in New York, U.S., on Wednesday, April 23, 2014.Scott Eells/Bloomberg
Billionaire activist investor Bill Ackman's Pershing Square Capital Management is building a position in United Technologies Corp., according to a person familiar with the matter.
The size of Pershing's position, as well as what sort of changes Ackman may seek at the industrial conglomerate, is unclear at this time. The position was first reported by CNBC.
United Technologies shares rose as much as 3.4 per cent in New York.
A representative for Pershing Square declined to comment. Farmington, Connecticut-based United Technologies didn't immediately respond to a request for comment.
News of the stake comes after United Technologies' top executive said the board is weighing a breakup of the conglomerate. At an investor conference last week, Chief Executive Officer Greg Hayes said United Technologies may split apart its aerospace, elevator manufacturing and climate-control divisions. A decision will be announced by the end of the year, he said.
United Technologies would be the latest industrial conglomerate to explore such a move, after General Electric Co. said it may break out its primary businesses into publicly traded companies.