Hewlett-Packard Board Approves Split Into Two Companies

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Hewlett-Packard Board Approves Split Into Two Companies
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 November 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 October 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 October 19 under the ticker symbol "HPE WI".

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

Up to Wednesday's close, the stock had fallen about 27 percent since October 3, the last trading day before the company announced the split.

© Thomson Reuters 2015

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