Tyco said it will spin off and merge the business with Pentair to create a global flow and filtration products business with $7.7 billion in annual revenue. The new company will be called Pentair and will be headquartered in Switzerland. It will be majority owned by Tyco shareholders and headed by Pentair CEO Randall Hogan. The all-stock deal values Tyco's flow business at $4.6 billion, based on Pentair's Tuesday closing price.
The deal is expected to be completed in September, after regulatory and shareholder approval. Tyco plans to have its separation plan completed by then as well.
JetBlue (JBLU - Get Report) is trending following an incident with a captain exhibiting erratic behavior on board a flight to Las Vegas on Tuesday. Passengers on the flight were forced to restrain the captain after he stormed out of the cockpit yelling about unspecified threats linked to al-Qaeda, a possible bomb on the plane, Iraq and Iran. The captain reportedly screamed, "They're going to take us down" and told passengers to say their prayers. Crew members locked him out of the cockpit and a reported four passengers pinned the captain down to restrain him. JetBlue said the ill captain was taken to a medical facility after the plane safely landed in Amarillo, Tecas.
Lloyd's of London is another popular search upon swinging to its second-biggest loss last year after absorbing record claims during the worst year for catastrophe claims on record. Lloyd's posted a pretax loss of 516 million pounds in 2011, compared with a 2.2 billion-pound profit in 2010. The loss is the company's greatest since the September 11, 2001 World Trade Center attacks and its first since Hurricane Katrina in 2005. Lloyd's incurred 4.6 billion pounds of natural disaster-related claims last year, the highest on record. Total payouts for the year reached 12.9 billion pounds.