RACAL Electronics shareholders have approved the #650m demerger of
Chubb, its security subsidiary. The move completes an unbundling of the
group which began with the flotation of Vodaphone last year.
Chubb shares will begin trading on Monday after Racal shareholders
receive one Chubb share and one Racal share in return for every five
Racal shares held at present.
A major element of the plan is an equal split of Racal's debt with the
new Chubb Group.
It is proposed that Chubb will float with about half Racal's debt --
some #60m according to latest figures.
Racal chairman Sir Ernest Harrison went ahead with the flotation in
order to gain ''appropriate stock market recognition for the component
businesses'' within the group.
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