Hewlett-Packard board approves split into two companies

Thu Oct 1, 2015 9:17am EDT
 
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(Reuters) - Hewlett-Packard Co said its board had approved the previously announced split of the company into two separate listed entities - computers and printers, and corporate hardware and services.

Hewlett-Packard said on Thursday that it expected its split into Hewlett Packard Enterprise Co and HP Inc to be completed on Nov. 1.

A day later, Hewlett Packard Enterprise, comprising the corporate hardware and service business, will start trading on the New York Stock Exchange under the ticker symbol "HPE".

Hewlett-Packard, which will be renamed HP and comprise the computers and printers business, will continue to trade under its current ticker symbol.

Hewlett-Packard shareholders will get one share of Hewlett Packard Enterprise for each share held as of Oct. 21.

The tax-free distribution will be on a pro-rata basis, the 75-year-old company said.

Hewlett-Packard announced the split in October 2014 after years of struggling to adjust to the post-PC computing era.

Hewlett-Packard said it expected Hewlett Packard Enterprise to start trading on a "when issued" basis on or around Oct. 19 under the ticker symbol "HPE WI".

Hewlett-Packard shares were unchanged at $25.61 in premarket trading on Thursday.   Continued...

 
A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California in this January 16, 2013 file photo. REUTERS/Stephen Lam/Files