Shareholders approve Palm's Handspring buy

Shareholders this week put their stamp of approval on Palm's buy of Handspring, allowing the handheld makers to officially merge under the new name of PalmOne.

Palm stockholders also approved a spinoff of the company's handheld operating division, PalmSource. The moves came at Palm's Annual Stockholders Meeting at the company's headquarters in Milpitas, Calif., Tuesday.

Palm announced its plan to scoop up Handspring and spinoff its operating system business last June, saying it wanted to focus on providing handhelds and smart phones.

In a statement released Tuesday, Palm said that its fusing with Handspring creates a stronger competitor in the handheld market. PalmOne is due to begin trading under the ticker symbol "PLMO" on the NASDAQ stock market Wednesday.

PalmSource, meanwhile, will begin trading on the NASDAQ Wednesday under the symbol "PSRC."

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