Pfizer decides against splitting in two

Pfizer Inc. (NYSE:PFE) said Monday it will not split its innovative and established products businesses into two separate publicly traded companies, and will continue to operate as one company.

The company investigated whether there was a difference between its market valuation and an implied sum of the parts valuation, and concluded that if a gap had existed, it had closed. Pfizer determined that bifurcating would not enhance cash flow generation or competitive positioning, and said the costs of splitting "would likely be value destructive." ...