Hewlett-Packard Sets Agilent Technologies Share Ratio

Hewlett-Packard(HWP Quote) said Wednesday it had determined the ratio for the spinoff of shares in its fiber optics equipment subsidiary, Agilent Technologies(A Quote).

The computer imaging parent company will allot 0.3814 shares of Agilent Technologies for each common share of Hewlett-Packard and is set for the market close June 2.

The distribution leaves shareholders of the Palo Alto, Calif.-based company holding about 84% of shares of Agilent Technologies.

Shares of Agilent Technologies fell modestly on the market's open to 79 5/16, trading at half the price of its year-high of 162 from March. Hewlett-Packard dropped 1 1/8 to 131 11/16. (Agilent Technologies finished down 3 3/16, or 4%, at 77. Hewlett-Packard closed down 6 1/4, or 5%, at 126 9/16.)

Agilent Technologies designs and manufactures testing equipment and monitoring instruments for semiconductors and optical components used in communications.

Other major investors in Agilent Technologies include institutional holders: Fidelity Management & Research, Nicholas Applegate Capital Management and Janus Capital, according to Bigdough.com, a Web site that tracks stock ownership.