At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once again. Video
WASHINGTON - Federal Reserve policymakers will likely announce on Wednesday that they will keep buying bonds at a monthly pace of $85 billion, while keeping their options open to scale back the program later this year if the U.S. labor market continues to improve.
WASHINGTON - Small business optimism rose to a one year-high in May, a hopeful sign for an economy that has hit a soft patch.
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.
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.
(Reporting by Scott Malone in Boston and Nick Zieminski in New York; Editing by Phil Berlowitz and Bernadette Baum)
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