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Brookfield squares off against U.S. hedge fund Pershing Square over sale of GGP

Canadian Business – Toronto’s Brookfield Asset Management Inc., the largest shareholder of General Growth Properties, is squaring off against a U.S. activist hedge fund that wants the U.S. mall owner to put itself up for sale.

New York hedge fund Pershing Square Capital — which successfully overhauled management at CP Railway (TSX:CP) earlier this year — filed a letter Thursday asking GGP’s board of directors to form a special committee, independent of Brookfield directors, to consider the sale of the company, which has successfully emerged from bankruptcy.

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