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Covidien plc (COV) Board of Directors Approves Separation of Pharmaceuticals Business and Declares Dividend of Mallinckrodt Inc. Ordinary Shares  
5/24/2013 10:01:39 AM

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DUBLIN--(BUSINESS WIRE)--Covidien plc (NYSE: COV), a leading global provider of healthcare products, today announced that its board of directors has approved the separation of the Pharmaceuticals business from the rest of Covidien. The separation will occur by means of the declaration of a dividend in specie of the Pharmaceuticals business, to be effected by the transfer of the Pharmaceuticals business from Covidien to Mallinckrodt plc and the issuance by Mallinckrodt of ordinary shares directly to Covidien’s shareholders (the “distribution”).

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