Air Products & Chemicals Inc (APD): Bill Ackman Unloads 3.58 Million Shares

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Billionaire Bill Ackman‘s Pershing Square recently filed a Form 13D with the SEC concerning Air Products & Chemicals Inc (NYSE:APD), in which it reported decreasing its stake in the company to 16.97 million shares, which amass 7.8% of the float, and include 4.03 million shares and 12.95 million shares underlying over-the-counter American-style call options. According to the filing, the three-year obligation period for the fund’s co-investment vehicles in Air Products & Chemicals will end on September 30, 2016, and the fund has sold 3.58 million shares to return the capital to those co-investment vehicles. The fund’s stake previously consisted of 20.55 million shares, which included 12.95 million shares underlying over-the-counter American-style call options, and 7.60 million common shares.

Air Products and Chemicals is an industrial gas company. Recently, the company separated its Electronic Materials Division to create Versum Materials Inc. Over the past 12 months, Air Products’ stock has gained 8.28%. For the third quarter of its fiscal 2016, the company reported earnings per share of $1.92, beating analysts’ estimates of $1.91. Recently, Credit Suisse Group AG set a price target of $163 on Air Products and Chemicals’ stock, with a ‘Buy’ rating on it.

Bill Ackman, Carl C. Icahn, William A. Ackman, Pershing Square Capital Management, Icahn Capital LP,

Among the group of successful hedge funds followed by Insider Monkey, 56 reported owning long positions in Air Products & Chemicals (NYSE:APD) as of June 30, down by two from March 31. Some of the bullish investors included Andreas Halvorsen’s Viking Global, with a position valued at $986.38 million, Phill Gross and Robert Atchinson’s Adage Capital Management, which held a position worth around $272.44 million, John Griffin’s Blue Ridge Capital, David Cohen and Harold Levy’s Iridian Asset Management, and Robert Pohly’s Samlyn Capital.

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Some of the investors who lost enthusiasm for investing in Air Products & Chemicals (NYSE:APD) and sold off their positions in the company during the quarter contained Ben Gambill’s Tiger Eye Capital, which said goodbye to a $19.13 million position, Curtis Macnguyen’s Ivory Capital (Investment Mgmt), Dmitry Balyasny’s Balyasny Asset Management, and Mike Vranos’ Ellington.

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 16,973,076 0 16,973,076 16,973,076 7.8%
PS Management GP 0 16,973,076 0 16,973,076 16,973,076 7.8%
PS V GP 0 4,025,140 0 4,025,140 4,025,140 1.9%
William A. Ackman 0 16,973,076 0 16,973,076 16,973,076 7.8%

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Page 1 of 9 – SEC Filing



Washington, D.C. 20549



Schedule 13D

(Rule 13d-101)



RULE 13d-2(a)

Under the
Securities Exchange Act of 1934

(Amendment No. 3)*




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)

September 12, 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. See Rule 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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