** Universal Music Group UMG.AS falls more than 7% after Bill Ackman's Pershing Square PSHP.L sells its remaining stake

** UMG says it repurchased shares worth €250 million from Pershing at €17.66 each, an 8% discount to Wednesday's close

** The Wall Street Journal reports Pershing is set to earn at least $600 million from the overall placement of 80.6 million shares

** UMG rejected a Pershing offer worth €55.75 billion; top shareholder Bollore BOLL.PA had urged the board to reject the bid

** Stock second-worst performers on Europe's STOXX 600 .STOXX; down 13.6% YTD