Breakin' up is hard to do

Corporate restructuring is all the rage this morning.

In an effort to let each of its units grow at their own pace, Tyco International Ltd. announced plans today to split up into three companies.

The Bermuda-based company will spin off Tyco Healthcare and Tyco Electronics from itself, in a deal expected to cost the company $1 billion.

Tyco has battled back from financial and legal trouble after a management scandal in 2002. Industry analysts now speculate all three units could become takeover targets, once the split is complete in 2007.

In other break up news, Federated Department Stores Inc. has hired Goldman, Sachs & Co. and J.P. Morgan Chase & Co. to sell its 180-year-old department store chain, Lord & Taylor, and has given them nearly a year to do it.

The Cincinnati retailer took the chain as part of an $11 billion acquisition of St. Louis's The May Department Stores Co. in August and is reportedly looking to unload it in favor of beefing up its Macy’s and Bloomingdales stores. One analyst speculated Seattle-based Nordstrom might be seen as a viable strategic acquirer for Missouri-based L&T. —Carolyn Murphy

Tyco to split into three
Federated to sell Lord & Taylor
Federated, May tie the knot
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