Ackman builds nearly 10 pct Air Products stake

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By The Associated Press, Associated Press

Stock in Air Products and Chemicals is hitting an all-time high after Bill Ackman's Pershing Square Capital Management revealed it had taken nearly a 10 percent stake in the industrial gas supplier.

Just last week the company put into place a poison-pill plan to foil any takeover attempts after noticing unusual activity in its stock.

A Securities and Exchange Commission filing Wednesday shows that the activist investor owns about 20.5 million shares of the company, which had more than 209.6 million shares outstanding as of June 30.

Air Products and Chemicals Inc., based in Allentown, Pa., supplies gas like hydrogen and helium and equipment and services to a variety of industrial customers.

Company shares are up more by than 3 percent to $109.11 in early trading.

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