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Abbott
ABT announced
today that its board of directors has approved the separation of its
research-based pharmaceuticals business, which will be known as AbbVie Inc.,
and declared a special dividend distribution of all of the outstanding shares
of AbbVie common stock.
For every 1 share of Abbott common shares held, Abbott shareholders will
receive 1 share of AbbVie common stock. No fractional shares of AbbVie will be
issued. Shareholders will receive cash in lieu of fractional shares. The
special dividend distribution is expected to be paid on Jan. 1, 2013, to
Abbott shareholders of record as of the close of business on Dec. 12, 2012.
The distribution of AbbVie common stock will complete the separation of the
research-based pharmaceuticals business from Abbott. After the distribution,
AbbVie will be an independent, publicly-traded company and Abbott will retain
no ownership interest. AbbVie common stock is expected to begin trading on
Jan. 2, 2013, on the New York Stock Exchange (NYSE) under the ticker symbol
ABBV. Abbott will continue to trade on the NYSE under the ticker symbol ABT.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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