Ackman has for months been pursuing Howard Hughes in a bid to create the next Berkshire Hathaway.Berkshire Hathaway was a textile company when Warren Buffett acquired it in 1965. The legendary investor and his partner Charlie Munger merged two other companies — Diversified Retailing and Blue Chip Stamps — with Berkshire in 1978 and 1983 before closing the textile firm's failing business in 1985.

Billionaire investor Bill Ackman's plans to turn real estate company Howard Hughes Holdings into a diversified holding company will not impact how his investment portfolios buy and sell stakes in companies.

Bill Ackman made a bid to take Howard Hughes Holdings private, with the goal of turning the real estate firm into a holding company.