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Tyco completes break up into 3 separate companies

NEW YORK (AP) -- Tyco International Ltd. said Friday that it completed its long-planned separation into three publicly traded companies covering its ADT North America residential security business, flow control products and commercial fire equipment.

Switzerland-based Tyco said in March that it would combine its flow control business with those of Pentair Inc. in an all-stock deal worth about $4.53 billion, joining two of the biggest players in water and fluid products systems. That deal also closed on Friday.

Shares of the new company, Pentair Ltd., are traded on the New York Stock Exchange under Pentair Inc.'s former trading symbol of "PNR." Tyco shareholders own about 52.5 percent of the new company's common stock.

Under the terms of the break up, Tyco shareholders will receive one share of ADT Corp. common stock for every two Tyco common shares they held as of Sept. 17 and about 0.24 shares of Pentair Ltd. for each of their Tyco shares they held as of that day.

Tyco currently has 462 million basic shares outstanding, so about 231 million ADT shares and 111 million Pentair shares will be distributed to Tyco shareholders, the company said.

In afternoon trading, Tyco shares rose 11 cents to $56.16, while Pentair shares rose $1.34, or 3.1 percent, to $44.72.