Hedge fund targets big beer

A New York-based hedge fund has raised $2 billion and may launch an activist assault on the “King of Beers," according to a New York Post report. William Ackman, general partner of Pershing Square Capital Management declined to disclose the "one specific, iconic American company" that the hedge fund will target. But the Anheuser-Busch, the St. Louis-based brewer of Budweiser beer fits the bill, according to the Post story. Mr. Ackman has already taken on the likes of fast-food giants McDonalds and Wendy's International, as well as Minneapolis-based Ceridian Corp. The report said Pershing Square told investors that the capital will be used to purchase a controlling stock position in a company with $30 billion to $40 billion in market capitalization.