On Friday Tyco International spun-off to its shareholders two of its five units -- Tyco Healthcare (which has been renamed Covidien) and Tyco Electronics.
About 500 million Tyco Electronics shares and 500 million Covidien shares will be distributed to Tyco International shareholders. Immediately following the distributions, Tyco International's shareholders will own 100% of the common shares of Covidien and Tyco Electronics.
Tyco International also said that its board approved a one-for-four reverse split which will become effectively immediately following the completion of the dividend distribution. As a result, Tyco International will have about 500 million shares outstanding after the reverse stock split.
Tyco Electronics and Covidien have applied for listing their shares on the New York Stock Exchange and the Bermuda Stock Exchange under the trading symbols "TEL" and "COV" respectively.
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