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Tuesday, November 11, 2014

Ackman's Pershing Square takes 8.5 percent stake in Zoetis, (NYSE: ZTS)

Activist hedge fund manager William Ackman's Pershing Square Capital Holdings said it had taken a 8.5 percent stake in animal health company Zoetis Inc for about $1.54 billion.Ackman has taken the stake with Sachem Head Capital, another activist hedge fund run by Scott Ferguson, who previously worked for Ackman.Pershing said it would disclose details of its stake, which includes ownership of 41.8 million shares as well as 995,602 notional shares of Zoetis, in a regulatory filing on Wednesday.Sachem Head owns about 1.6 percent of Zoetis.

Zoetis Inc is engaged in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals. Shares of ZTS traded higher by 8.86% or $3.56/share to $43.72. In the past year, the shares have traded as low as $28.14 and as high as $40.34. On average, 3584730 shares of ZTS exchange hands on a given day and today's volume is recorded at 20246312.