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Pfizer to Spin Off Remaining Zoetis Stake in Exchange Offer

Pfizer Inc. (PFE) said it plans to shed its majority stake in animal-health company Zoetis Inc. (ZTS), continuing Pfizer's efforts to its hone its focus on drugs and vaccines for humans.The company has been shedding nonpharmaceutical assets over the past two years, and using proceeds to repurchase its shares in an effort to bolster shareholder returns. At the same time, Pfizer has cut costs and tried to improve the productivity of its research-and-development pipeline to help soften the impact of the loss of market exclusivity for its big-selling cholesterol drug Lipitor and other drugs.New York-based Pfizer will offer its shareholders the opportunity to exchange Pfizer shares for shares of Zoetis at a discount, to complete a full separation of Zoetis into an independent company.In February, Pfizer sold nearly 20% of Zoetis shares in a successful initial public offering that raised more than $2 billion, and maintained ownership of the remaining stake.Pfizer indicated at that time that ...

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  1. EU Calls for Urgent Action Against Corporate Tax Avoidance

    The European Union called Tuesday for urgent action to prevent companies from using "artificial" measures to avoid tax, after U.S. investigators found that Apple Inc...

  2. Biggest traders helping EU oil probe, not in it: sources

    European investigators have asked top trading houses Glencore , Vitol and Gunvor to help with a probe into oil price manipulation, while not suggesting they are unde...

  3. Analysis: Airline emissions deal may not come before EU deadline

    Hope is fading for a global deal to regulate the airline industry's greenhouse gas emissions ahead of a fall deadline, even though failure could push the industry ba...

  4. German minister calls EU move on China solar 'grave mistake'

    German Economy Minister Philipp Roesler said the European Commission made a "grave mistake" by agreeing to impose punitive import duties on solar panels from China a...

  5. Exclusive: EU cites Chinese telecoms Huawei and ZTE for trade violations

    Europe's top trade official for the first time late on Friday officially cited Chinese mobile telecommunications equipment makers Huawei and ZTE Corp for violating a...

  6. Oil price probe widens, senator wants Justice Department help

    A European probe into possible oil price manipulation expanded with the investigation of a small niche trading house in the Netherlands and a key U.S. senator on Fri...

  7. Total CEO: Unlikely Probed Oil Firms Involved in Alleged Price Rigging

    The head of French oil company Total SA (TOT) said Friday he believed the companies being investigated as part of a European Commission probe into alleged oil-price ...

  8. Rivals get longer to comment on Google EU antitrust offer: source

    EU antitrust regulators have given some of Google's rivals more time to study its proposals to settle anti-competitive complaints, which could provide more leverage ...

  9. IFC to Buy 7.9% Stake in Brazil's Sul America for BRL400 Million

    International Finance Corp., a World Bank affiliate, agreed to acquire a 7.9% stake in Brazil's insurance company Sul America SA (SULA11.BR, SULA4.BR) for 400 millio...

  10. Energy Costs Squeeze European Industry

    Business leaders from across Europe met in Brussels on Thursday to discuss--among other things--a proposal from the European Commission to "reindustrialize Europe." ...

  11. Spain Bank Monitoring Mission Starts Next Week

    The International Monetary Fund is planning to send two missions to Spain in the coming weeks, one to study the country's ailing bank sector and the other for the na...

  12. IMF: Spain Bank Monitoring Mission Starts Next Week

    The International Monetary Fund is planning to send two missions to Spain in the coming weeks, one to study the country's ailing bank sector and the other for the na...

  1. EU Leaders Pledge to Ensure All Pay Fair Share of Taxes

    Faced with the fallout of austerity and embarrassing tax-evasion scandals, European Union leaders pledged Wednesday to ensure that everybody--from high-income earner...

  2. Penguin to Settle in E-Book Dispute

    Pearson PLC's book publishing business, Penguin Group, has agreed to pay $75 million to settle a dispute in the U.S. over the way it priced electronic books, drawing...

  3. Suntech's local creditors claim $2.5 billion as restructuring starts

    WUXI, China/HONG KONG (Reuters) - Local creditors of Wuxi Suntech, the bankrupt unit of Chinese solar panel maker Suntech Power Holdings Co Ltd, on Wednesday claimed...

  4. Gilead Hepatitis C Drug Gets Accelerated Review

    Gilead Sciences Inc. (GILD) said the marketing authorization application for its new hepatitis C drug has been validated by the European Medicines Agency and granted...

  5. Exclusive: EU says Chinese FTA possible, but wants market opening

    The European Union is willing to deepen trade ties with China but wants to see concessions from Beijing first, documents seen by Reuters on Tuesday showed.At the sam...

  6. Denso executives to plead guilty to price fixing in Toyota case

    Two executives at Japan's Denso Corp <6902.T> have agreed to plead guilty to conspiring to fix prices of electronic auto parts sold to Toyota and will cooperate with...

  7. Exclusive: EU wants to exclude utilities from U.S. trade talks

    The European Union wants to exclude much of the utility sector from a prospective EU-U.S. free trade agreement in order to protect government controlled infrastructu...

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