Rockwell Spinoff Tax-Free to Shareholders, IRS Rules
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COSTA MESA — Rockwell International Corp. said Friday that the Internal Revenue Service has ruled that the company’s spinoff of its automotive business will be tax-free to share owners.
Rockwell said the distribution of shares in Meritor Automotive Inc., as the Troy, Mich., automotive business will be known, is scheduled to be made Sept. 30, to Rockwell common stockholders of record Sept. 17.
Rockwell shareholders will receive one share in Meritor for every three shares of Rockwell stock. Shares of Meritor will trade on the New York Stock Exchange under the symbol MRA.
Meritor provides components and systems for commercial, specialty and light vehicles.
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