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BREAKING- Air Products Issues Statement on Ackman Stake (APD)

Wednesday morning, CNBC reported that Bill Ackman had taken a 9.8 percent stake in Air Products and Chemicals (NYSE: APD). (Read our report here.) Air Products just issued a statement regarding the acquisition, according to theflyonthewall.

The company said it “maintains an active dialogue with and carefully considers the views of its shareholders” and has not been contacted by Pershing Square. However, it said it “welcomes new investors and looks forward to engaging with Pershing Square to understand its views.” Air Products said it has taken “significant, proactive steps in recent years to deliver earnings and operating cash flow growth in a very challenging economic environment. The Company noted that its 2013 total shareholder return of 21.6% through July 24 is more than double that of its industrial gas peer group, and that on a one- and three-year basis total returns have exceeded that of its closest peer (Praxair).”

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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