American hedge fund Pershing Square, led by the activist investor Bill Ackman, announced Tuesday that it had offered to buy Universal Music Group in a merger, saying it believed the world's biggest mu...

Bill Ackman may soon run into the problem he thinks he can solve: Vincent Bolloré.

Pershing Square has proposed a cash-and-stock transaction for Universal Music Group that values the company at €30.40 a share, or about €55.8 billion.