Tyco International Ltd shareholders have approved a breakup of the industrial conglomerate into three pieces, it said on Monday, the second time since 2007 that the company has slimmed down.Tyco has said the tax-free split would enable its three businesses -- ADT North American residential security, flow-control products and services, and its fire and security business -- to have more options for growth, both from within and through acquisitions. But its shares fell more than 3 percent.For every 100 existing Tyco shares, stockholders will receive 100 new Tyco shares, 50 shares in the ADT business and 24 shares in the flow-control business, which sells valves and controls for the energy market.The flow-control business will merge with Pentair Inc , which will be renamed Pentair Ltd and be majority-owned by current Tyco shareholders.
Pentair, Inc. (Pentair) is a focused diversified industrial manufacturing company. Shares of PNR remained unchanged at $42.99. In the past year, the shares have traded as low as $30.38 and as high as $48.77. On average, 899070 shares of PNR exchange hands on a given day and today's volume is recorded at 0.
Tyco International Ltd is a Switzerland-based holding company of Tyco Group. Shares of TYC remained unchanged at $55.24. In the past year, the shares have traded as low as $38.30 and as high as $58.12. On average, 2812470 shares of TYC exchange hands on a given day and today's volume is recorded at 6100.
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