Pershing Square reduces Canadian Pacific, Zoetis stakes
Pershing Square Capital Management's Bill Ackman made few changes to holdings in the second quarter except for a couple of big cuts to existing positions. Ackman reduced Pershing Square's stake in Canadian Pacific Railway Ltd. to 9.8 million shares from 13.9 million. Earlier in the month, Ackman said he was divesting Pershing's $1.4 billion stake in the railroad. Ackman also trimmed Pershing's 41.8 million share stake in Zoetis Inc. to 21.2 million shares. Pershing said in another filing on July 7, after the second quarter had ended, that the Zoetis stake had been further reduced to 18.9 million shares.
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