Abbott Laboratories today announced the dividend distribution for its new spin-off hospital products company, Hospira. Abbott shareholders will receive one Hospira share for every 10 shares of Abbott stock held and will receive cash in lieu of fractional shares. Those holding stock in Abbott on April 22 will receive the distribution on April 30, officials said. The distribution will mark the completion of the spin-off. Hospira stock is expected to begin trading on May 3 on the New York Stock Exchange under the symbol HSP. The Internal Revenue Service has ruled that the distribution of Hospira stock is tax-free to Abbott and to Abbott's U.S. shareholders. Hospira will operate independently of Abbott and also assume approximately $700 million in Abbott debt just prior to the spin-off. Hospira also will purchase from Abbott the net assets of the hospital products business for approximately $300 million. -- by Cinda Becker
Abbott announces dividends for Hospira spin-off
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