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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Honeywell International Inc | NASDAQ:HON | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.37 | 0.71% | 195.011 | 193.60 | 215.00 | 196.24 | 193.54 | 194.77 | 2,251,383 | 05:00:08 |
By Alex MacDonald
LONDON--Melrose Industries PLC (MRO.LN) said Tuesday it intends to implement a corporate reorganization to efficiently return GBP2 billion ($3 billion) to GBP2.5 billion of proceeds from the disposal of energy and water meter business Elster Group GmbH to shareholders.
The reorganization will involve the creation of a new holding company which won't alter the number of shares held by Melrose shareholders, but will help distribute the proceeds from the disposal more efficiently.
Honeywell International Inc. (HON), a maker of aircraft parts and climate control systems, agreed in July to buy energy and water meter business Elster Group GmbH from Melrose for GBP3.3 billion ($5 billion) in cash. The purchase is forecast to close in the first quarter of next year.
Melrose at the time said it intended to use the proceeds to return over GBP2 billion to shareholders and use the remainder of what wasn't given to shareholders for general corporate purposes, including paying down existing debt.
Melrose shareholders are due to vote on the new structure on Oct. 29.
-Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 06, 2015 02:49 ET (06:49 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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