Delphi Automotive Systems Corp. declares its independence today, when General Motors Corp. distributes its remaining shares of the world's biggest auto parts manufacturer to sever Delphi's final ties to GM.
Although notice of the move was given well in advance, some GM shareholders may be surprised Saturday when they see GM stock has dropped more than $10 overnight tonight as a result of the spinoff.
But looks can be deceiving. Although GM common stock (ticker symbol: GM) will drop an estimated 17% as a result of the spinoff, current stockholders will have essentially the same stock value because they will get Delphi shares (ticker: DPH).
"For the current shareholder, there's no drop," said Mark Tanner, GM director of financial communications. "All other things being equal, you're going to have the same money."
