The dividend is likely to be increased, not cut. The PFE shares that are returned in exchange for ZTS shares will be retired, thus reducing the total number of PFE shares. The reduction in share number will be proportionately much greater than the reduction in earnings from ZTS, meaning that EPS will increase, meaning that increased amounts of company cash will be available for distribution as dividends. And, as has been pointed out so many times on this board: IT'S NOT A SPIN OFF. IT IS AN EXCHANGE OF SHARES. REPEAT, NOT A SPIN OFF. And it should have a positive effect on all per-share numbers for PFE.