Hewlett Packard's Board Approves Company Split

Hewlett-Packard Co.'s board approved the computer giant's previously announced plan to split into two companies, the company said Thursday.

The California company's separation into Hewlett Packard Enterprise Co. and HP Inc. is expected to be completed Nov. 1, and the separation will be done through a pro rata distribution to HP shareholders of all of the outstanding shares of Hewlett Packard Enterprise.

Each HP holder will receive one share of Hewlett Packard Enterprise for each share of HP common stock held as of Oct. 21, the record date.

Starting on or around Oct. 19 and continuing up to the distribution date, the company expects "when issued" trading to begin for Hewlett Packard Enterprise shares. Those shares will trade on the New York Stock Exchange under ticker "HPE WI."

Hewlett Packard Enterprise shares will start "regular way" trading on Nov. 2 under ticker "HPE" on the NYSE. HP Inc. will continue to trade under "HPQ" on the NYSE.

Also around Oct. 19 and continuing up to the distribution date, HP shares that trade in the "regular-way" market under the symbol "HPQ" will trade with an entitlement to shares of Hewlett Packard Enterprise common stock to be distributed under the terms of the distribution. Shares that trade in the ex-distribution market under the symbol "HPQ WI" will trade without an entitlement to shares of Hewlett Packard Enterprise common stock.

Write to Lisa Beilfuss at [e-mail]

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(END) Dow Jones Newswires

October 01, 2015 10:55 ET (14:55 GMT)

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