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Pfizer to reduce holding in animal health unit Zoetis

9:57 AM MDT | May 23, 2013 | Natasha Alperowicz

Pfizer intends to reduce its holding in Zoetis, the animal health business it spun off via an initial public offering earlier this year, through an exchange offer, the company said on Wednesday. Pfizer shareholders can exchange all, some, or none of their shares of Pfizer common stock for shares of Zoetis common stock owned by Pfizer. The exchange offer is expected to be tax-free for participating Pfizer shareholders in the United States, except for cash received in lieu of a fractional share. The full separation of Zoetis is expected to be accretive to...

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