Pentair shareholders okay $4.6-billion merger with Tyco unit
(Reuters) - Pentair Inc (PNR.N), a U.S. maker of filters and pumps, said Friday its shareholders voted to approve its planned $4.6 billion merger with Tyco International Ltd's (TYC.N) flow-control unit.
The deal is part of a bigger, complicated break-up of Tyco, whose shareholders are expected to approve a three-way split that will create a new publicly-traded company in Tyco's security services arm ADT, while combining Tyco's commercial fire and security arms into a new, smaller Tyco. Results of Tyco's shareholder vote are expected on Monday.
Former Tyco shareholders will own 52.5 percent of the new company, which will be called Pentair, and continue to trade under Pentair's "PNR" symbol on the New York Stock Exchange.
The company will have about $8 billion in annual revenue, roughly doubling Pentair in size and making it the largest player in its sector.
Shares of ADT are expected to be listed under the ticker "ADT" on the NYSE.
SYDNEY - Asian markets were finding their feet on Tuesday after a rocky ride the previous session, though uncertainty about the true state of China's economy kept nerves frayed and commodity prices restrained.
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.