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Strategies & Market Trends : Speculating in Takeover Targets

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To: richardred who wrote (2394)	1/12/2011 8:24:06 AM
From: richardred	Read Replies (2) of 7254

UPDATE 1-ITT Corp says to separate businesses; shares rise Wed Jan 12, 2011 8:11am EST * To separate businesses into 3 listed firms * New cos to focus on water, defense, engineering * ITT shareholders to own shrs in all 3 entities * Expects to execute plan by end of 2011 Jan 12 (Reuters) - Diversified manufacturer ITT Corp (ITT.N) said it would separate its businesses into three different publicly traded companies, and shareholders will own shares in all the three corporations. The maker of water pumps and night vision goggles for defense said the three companies would be -- its water-related businesses, defense segment and the standalone ITT Corp as an engineered industrial firm. Pro forma 2011 revenue for the future ITT Corp is estimated at $2.1 billion, the company said in a statement. ITT said it expects to finalize and execute the plan before the year end. ITT shares, which gained 10 percent of their value in the last three months, were up 17 percent in pre-market trade. They closed at $52.78 Tuesday on the New York Stock Exchange. (Reporting by Bijoy Koyitty in Bangalore; Editing by Sriraj Kalluvila) reuters.com

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