Bill Ackman has created a new acquisition machine, fulfilling his long-standing aspiration to create a conglomerate in the image of Warren Buffett’s Berkshire Hathaway, he announced on Monday.

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.

Bill Ackman has his sights set on being this generation's Warren Buffett. Though the activist turned long-term investor is hesitant to say he thinks he will be the next Oracle of Omaha. "Warren's an icon,