Bill Ackman Makes His Largest Investment Ever

According to CNBC's Maneet Ahuja, the activist investor is taking a 9.8% stake in Air Products International (a maker of industrial gas products). That stake is worth 2.2 billion dollars, and is reportedly his biggest ever investment.

From the report:

As for Air Products, "it's a great business that is undervalued," Ackman said Tuesday—citing a very diverse customer and product base, high barriers to entry, and substantial pricing power. "We have some ideas on how to add value."

Some of the diverse businesses of Air Products include supplying industrial gases, performance materials, equipment and technology used in industries from steel production to food processing to electronics.

Ackman is known to be on a rough streak, having famously taken a bath on JC Penney, and more recently finding himself on the losing end of a big short of Herbalife.

On that last point, Ackman told CNBC that he hasn't covered a single share of Herbalife,