Sears Holdings Corp., the largest U.S. department-store chain, rose as much as 3.9 percent in New York trading after hedge-fund manager William Ackman disclosed that he holds a 5-million-share stake in the retailer.
Ackman, the 41-year-old president of Pershing Square Capital Management in New York, confirmed the purchase in an e- mail yesterday. He didn't say why he bought the shares. He earlier disclosed the stake at a charity event this week in Dallas.
Last year Ackman thwarted Sears Chairman Edward Lampert's efforts to take full control of Sears Canada, saying the price was too low