March 16, 2016 / 9:45 PM / 4 years ago

Ackman sells part of Mondelez stake, has no plans for other sales

BOSTON, March 16 (Reuters) - Billionaire investor William Ackman told clients on Wednesday that his Pershing Square Capital Management has sold 20 million shares of Mondelez , a key holding, but has no plans to sell any other investments at this time, an investor in the fund said.

Mondelez had been the firm’s second largest position with 43 million shares. The sale, which was executed for portfolio management purposes, cut the firm’s ownership stake to 5.6 percent from 7.5 percent.

The firm now has a substantial portion of uninvested cash, the investor said. (Reporting by Svea Herbst-Bayliss; Editing by Sandra Maler)

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