UPDATE 1-Cardinal board approves CareFusion spinoff

* Board OKs spinoff of CareFusion

* Spinoff effective Aug. 31

* CareFusion to be listed on NYSE under symbol CFN

CHICAGO, July 10 (Reuters) - Cardinal Health Inc CAH.N said its board of directors approved the spinoff of its medical products company CareFusion.

The spinoff will be effective Aug. 31 and the shares will be listed on the New York Stock Exchange under the symbol "CFN" CFN.N.

Cardinal, one of the nation’s biggest drug wholesalers, said it will distribute 0.5 share of CareFusion common stock for each common share of Cardinal.

At least 80 percent of CareFusion common shares will be distributed to Cardinal holders, with Cardinal holding the remaining shares.

The distribution of CareFusion shares will be made after the close of trading on Aug. 31 to Cardinal’s shareholders of record as of Aug. 25. (Reporting by Debra Sherman, editing by Gerald E. McCormick)