Bill Ackman, the activist investor, has taken a 9.6 per cent share in Target, the US discount retailer, and says he will push for changes at a company whose shares have risen more than 45 per cent in the past 12 months. Mr Ackman’s Pershing Square Capital Investment fund has given no details of objectives, but analysts expect him to focus on capital structure rather than the company’s much-applauded operating performance.
