Air Products and Chemicals, Inc.
Thesis
Ackman notes that Air Products was brought to them by a shareholder of Canadian Pacific, suggesting a belief in the company's potential for improvement and value creation through their involvement.
Did it work?
inconclusive
confidence: low
The pitch is a long thesis on Air Products based on Ackman's belief in value creation through activist involvement, but no price performance data is available and no time horizon is stated. Without either price data or evidence that the thesis's catalysts (operational improvement, value creation) have played out or been invalidated, there is no basis to judge success or failure.