BREAKING UP IS, WELL, EASY TO DO

In the biggest corporate breakup since AT&Tshed the Baby Bells, ITT announced that it will divide itself into three companies. The move will split up a $25 billion business empire into three independent companies -- an insurer, an industrial products manufacturer and an entertainment company. The restructuring, saysTIME New York bureau chief John Moody, should placate restless stockholders by increasing the value of their shares. Under the plan, investors would receive one share in each of the three new companies for every share they now own. "We are convinced that this action will increase immediately and over time the value of the investment of ITT's shareholders," said company chairman and CEO Rand Araskog. On Wall Street, the share price for the American conglomerate rose $6.25 to close at $115.50.