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Bill Ackman

Bill Ackman‘s Pershing Square has added a sizable collection of call options underlying shares of Air Products & Chemicals, Inc. (NYSE:APD) to its portfolio. A new 13D filing reveals that Ackman holds call options referencing just under 12.95 million shares of the company, which was its top holding at the end of 2015. The filing shows that said long position has remained unchanged since the end of 2015, at 20.55 million shares.

Item 6 of the filing was amended to include the following information related to the purchased call options:

On March 8, 2016, certain of the Reporting Persons acquired on behalf of PS, PS II, Pershing Square International, and PSH American-style over-the-counter call options referencing 12,947,936 shares of the Issuer with Expiration Dates as set forth in Exhibit 99.4. Simultaneously with this acquisition, certain of the Reporting Persons sold on behalf of PS, PS II, Pershing Square International, and PSH 12,947,936 shares of the Issuer.

The counterparty to such over-the-counter options is Nomura Global Financial Products Inc.

The call options have expiration dates ranging from March 1, 2018 to March 15, 2018.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Pershing Square Capital Management 0 20,549,076 0 20,549,076 20,549,076 9.5%
PS Management GP 0 20,549,076 0 20,549,076 20,549,076 9.5%
PS V GP 0 7,601,140 0 7,601,140 7,601,140 3.5%
William A. Ackman 0 20,549,076 0 20,549,076 20,549,076 9.5%
Bill Ackman
Bill Ackman
Pershing Square

Page 1 of 10 SEC Filing

Table of Contents



Washington, D.C. 20549



Schedule 13D

(Rule 13d-101)



RULE 13d-2(a)

Under the
Securities Exchange Act of 1934

(Amendment No. 2)*


Air Products and Chemicals, Inc.

(Name of Issuer)


(Title of Class of Securities)


(CUSIP Number)

Steve Fraidin, Esq.

Steve Milankov, Esq.

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019


With a
Copy to:

Richard M. Brand, Esq.

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, NY 10281


Address and Telephone Number of Person Authorized to Receive Notices and Communications)

March 8, 2016

(Date of Event which Requires Filing of this Statement)



If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. SeeRule
13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

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