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Zoetis Cuts Estimates After European Commission Tax Ruling

On Monday, European Union regulators ruled that about 35 multinationals benefited from an illegal tax break in Belgium and ordered them to pay roughly €700 million ($765 million) in additional taxes.

Zoetis, a New Jersey-based maker of animal-health products, said it was “disappointed” with the European Commission’s announcement and hadn’t expected “such a negative decision.” The company said...