Bill Ackman wants to see home-improvement retailer Lowe’s Cos. catch up to its rival, Home Depot.

The New York hedge fund manager purchased a $1 billion stake in the company to make sure it happens.

Per The Wall Street Journal, Ackman — the founder and CEO of Pershing Square Capital Management LP — revealed the position at a conference in New York on Wednesday.

Ackman reportedly agrees with investment firm D.E. Shaw Group, which owns a 1 percent stake in Lowe’s (NYSE: LOW), that the…

Atlanta Business Journal
New York hedge fund manager invests billion to help Lowe's take on Home Depot

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