Pershing Square Capital Management is filing a beneficial ownership report on schedule 13D with the US Securities and Exchange Commission (SEC) to disclose its ownership of 41,823,145 shares of Zoetis.
Pershing also has additional economic exposure through cash-settled total return swaps representing 995,602 notional shares, for an approximate 8.5 per cent stake in Zoetis’ 501,324,843 shares. For its investment, PSCM will have paid aggregate consideration (including amounts to settle its derivatives) of USD1,542,400,006.
PSCM intends to consult with Sachem Head Capital Management with respect to their investments in Zoetis. Sachem Head beneficially owns 4,395,000 shares of common stock of Zoetis. In addition, Sachem Head has additional economic exposure through cash-settled total return swaps representing 3,400,000 notional shares, for an approximate 1.6 per cent stake in Zoetis’ 501,324,843 shares.