Howard Hughes Holdings Inc.’s stock rose Monday as billionaire Bill Ackman reached a final agreement to acquire a controlling interest in the real-estate-development company that he plans to turn into a modern Berkshire Hathaway.

Ackman is assuming effective control of Howard Hughes, a listed real estate development company he already partially owns, with a further $900mn investment in the Texas-based group. Under the agreement,

Howard Hughes Holdings said Bill Ackman’s Pershing Square Capital Management will invest $900 million in the company, boosting its stake further and bringing Ackman back into the fold.

Bayliss, Shivansh Tiwary (Reuters) -Billionaire investor Bill Ackman said on Monday that he raised his stake in real estate company Howard Hughes, realizing a long-held dream of creating a diversified holding company modeled after legendary investor Warren Buffett's Berkshire Hathaway.

Howard Hughes Holdings, The Woodlands-based real estate development and operating company, on Monday sold 9 million new shares to billionaire investor Bill Ackman's Pershing Square. The $900 million transaction,