Instead of spinning off Zoetis the greedy management works a convoluted swap that does not hurt the PFE stock price. They do not want to hurt their options. If they spun off ZOE, we would have that stock in addition to our PFE. The BOD is pathetic in approving that deal. Of course they are all friends at the Country club. PFE is the same price at $28 it was in Feb. 2001 and that is adjusted for all dividends. Back then it was $48/shr. So your return has been zero for 12 years. Even worse the difference between $48 and $28 was all taxable dividend income. The Board should break this mess up and let some new CEO's run the show.