Some analysts said that at least a partial spinoff would make sense since Case was strong enough financially to stand alone.

Yet a third possibility is for a partial spinoff of stock in Shearson to American Express shareholders.

But the swift turnaround from purchase to partial spinoff raises the question of whether the smart money knows something the rest of us do not.

Vivendi will still own about 60 percent of Vivendi Environment, but company executives say the partial spinoff will make the company much easier to understand.

In 1986, before the partial spinoff, its long-term debt stood at about $27 million, and its annual interest expense was $5.1 million.

Mr. Campeau said yesterday that a partial spinoff of the Ralphs supermarket chain in California was planned soon.

One of his achievements was the partial spinoff of RJR's Nabisco food company early last year, raising nearly $1.1 billion.

On February 28, 2013, RBS confirmed at least a partial spinoff of Citizens through an initial public offering within the next two years.

Mr. Barbakow's hiring raised speculation about a breakup of the company, perhaps in a partial spinoff to shareholders.

Shares of Wendy's closed yesterday at $51.37, up about 15 percent since the company announced the partial spinoff of Tim Hortons in July.