From Bloomberg
William Ackman’s Pershing Square Capital Management LP bought a 9 percent stake in Wachovia Corp., now valued at $1.2 billion, according to a person with direct knowledge of the purchase.
The shares were acquired following Citigroup Inc.’s (C) Sept. 29 agreement to buy the bank and before Wells Fargo & Co. (WFC) announced a rival offer today, said the person, who declined to be identified because the purchases haven’t been publicly disclosed.
The purchase inserts Ackman, 42, into the latest skirmish in the credit crisis, a pitched battle over Wachovia’s (WB) deposits and branches after the Charlotte, North Carolina-based company went to the brink of collapse
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