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HP to distribute Agilent shares

Hewlett-Packard (NYSE: HWP) will dispose of its Agilent (NYSE: A) once and for all.

After market close Friday, HP said it would spin off its 84.1 percent stake of Agilent to HP shareholders. HP plans to issue 0.37 shares of Agilent for every HP share in the form of a dividend payable June 2 to shareholders of May 2 record.

HP currently holds about 380 million shares of Agilent. HP shareholders will get certificates for whole Agilent shares and cash for fractions. The cash is taxable, the certificates are not, the company said.

The move culminates the HP reorganization announced more than a year ago. Agilent, which makes test and measurement equipment, as well as chip and optical components, was spun off last November in an IPO. Since then, Agilent shares have risen 177 percent.

HP stock closed Friday's regular trading at 154, up 5 7/8 for the session. Agilent rose 17 to 122.>