Tyco Electronics shareholders OK Swiss move
NEW YORK, June 23 (Reuters) - Tyco Electronics Ltd (TEL.N: Quote, Profile, Research) said on Tuesday its shareholders have approved the company's reincorporation from Bermuda to Switzerland, three months after shareholders at former parent Tyco International Ltd (TYC.N: Quote, Profile, Research) approved a similar move.
The change of incorporation is expected to become effective later this week, Tyco Electronics said. The company will continue to be registered with U.S. regulators and will report in U.S. dollars, it said.
On Monday, Standard & Poor's said it will remove Tyco Electronics from its S&P 500 index this week, since the Swiss move makes it ineligible for inclusion.
Shares, which will continue to be listed on the New York Stock Exchange under the current symbol "TEL," were down 72 cents or 3.8 percent at $18.37 in afternoon trading on Tuesday. (Reporting by Nick Zieminski, editing by Gerald E. McCormick)
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