Fortune Brands aims to divide, conquer
Fortune Brands aims to divide, conquer
Oct 3, 2011 6
(ChicagoTribune) - Fortune Brands is coming into sharper focus by dividing its interests.
At midnight, the Deerfield-based conglomerate will split its remaining businesses into two publicly traded companies, one focusing on liquor and the other on home and security products. For each share of Fortune Brands, shareholders will receive one share of each of the new companies: Beam Inc. and Fortune Brands Home & Security.
The decision, announced in December, ends years of speculation about the future of the company, which at one time made everything from golf carts to staples. The decision to split was linked to pressure from activist investor William Ackman, who had acquired an 11 percent stake in the company.
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