BIZ WATCH: Jul 28, 1997

ITT SLIPS OUT OF HILTON'S GRASP

Dvide and remain unconquered. ITT Corp.'s twist on a classic strategy is sure to repel Hilton Corp., which made a $6.5 billion offer for the owner of Sheraton hotels and Caesar's casinos earlier this year. For the second time in two years, ITT is slicing itself into three separate, publicly traded companies. The parts will be ITT Destinations, a hospitality and gaming company; ITT Corp., publisher of overseas Yellow Pages directories; and ITT Educational Services, a group of technical schools.

The great divider is Rand Araskog, CEO of ITT Corp., who will run ITT Destinations....

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