BUZZ-Zoetis Inc: Ackman takes another walk down the block

Tue May 10, 2016 8:53am EDT
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** Zoetis shares down 2 pct premarket in light volume as activist investor William Ackman continues to shed positions in his hedge fund

** Market sources say Credit Suisse and BofA-ML reoffering block of 16.85 mln shares of Zoetis in range of $46.75-$47.00, a slim 1.1-1.6 pct discount to Monday's $47.50 close; Pershing Square Capital Management cited as seller

** Approx $800 mln sale cuts HF's stake in animal health co by 40 pct to about 5 pct; will still own about 25 mln shares

** ZTS shares up 3.5 pct over past year

** Sell down follows recent block trades for Canadian Pacific Railway and Mondelez International as the billionaire investor looks to adjust his battered portfolio amid carnage caused by Valeant

** Ackman told his clients last week that Pershing Square portfolio gained 10.2 pct in Apr, paring steeper YTD losses