May 9, 2016 / 11:02 PM / a year ago

Ackman's Pershing Square seeks to sell Zoetis shares for $800 million: NYT

William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, attends the Sohn Investment Conference in New York City, U.S. May 4, 2016.Brendan McDermid

(Reuters) - Billionaire investor William Ackman's Pershing Square Capital Management on Monday set out to sell $800 million in shares of Zoetis Inc (ZTS.N), the New York Times reported, citing people familiar with the matter.

Ackman set out to sell 16.85 million shares in Zoetis for a price range of $46.75 to $47 per share, the newspaper reported. (nyti.ms/1Wlwzrw)

The newspaper said the transaction would be managed by Bank of America Merrill Lynch and Credit Suisse. It said Pershing would still own 25 million shares in the company after the sale.

Ackman told his clients last week that Pershing Square Holdings portfolio gained 10.2 percent last month as battered drug company Valeant Pharmaceuticals (VRX.TO) climbed.

Reporting by Parikshit Mishra in Bengaluru; Editing by David Gregorio

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