BUZZ-Zoetis shares in negative territory for 2016 on Ackman sale

Tue May 10, 2016 2:25pm EDT
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(Updates, adds pricing details)

** Zoetis down 2 pct as activist investor William Ackman continues to shed positions in his hedge fund

** More than 8 mln shares have exchanged hands, twice their 30-day avg volumes

** Market sources say Credit Suisse and BofA-ML reoffered block of 16.85 mln shares of Zoetis at $46.75, bottom of marketed range, a 1.6 pct discount to stock's Monday close; Pershing Square 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

** With today's move, Zoetis shares off 3 pct YTD

** 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