How Tyco break-up may benefit bonds



When Edward Breen, Tyco's chairman and CEO, announced on January 13 that the firm intends to split the $40 billion conglomerate into three entities, investment-grade bondholders breathed a sigh of relief. Their reaction was not because the spin-off would be entirely positive for them - since unlocking value and allowing the stand-alone companies to grow independently of their parent typically favours shareholders - but because fears surrounding an outright sale or leveraged buyout had been a

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