top
ˆ
•
top
ˆ
•
ˆ
|
|
35th
Week of 2005 / American Express OKs Spinoff of Advisory
UnitAmerican Express Co., the fourth-largest U.S. credit
card issuer, approved the spinoff of its 12,000-broker
financial advisory unit, the company said on Wednesday the
24th of August.
• •American
Express Chief Executive Kenneth Chenault had said in
February that he planned to shed the slower-growing
financial advisory unit to compete better against MasterCard
and Visa International
• •The
American Express board voted to proceed with the spinoff,
the New York-based company
said.
• •Shares
of the unit, Ameriprise Financial Inc., formerly known as
American Express Financial Corp., will be distributed to
American Express shareholders of record as of the close of
business Sept. 19. They will get one share of Ameriprise for
every five they hold in American
Express.
• •The
transaction won't add to tax bills of shareholders or the
company, according to a ruling from the Internal Revenue
Service cited by American
Express.
• •The
spinoff will be worth $8 to $9 a share to American Express
shareholders, Chris Brendler, a financial services analyst
with Legg Mason Inc., wrote in a June report. Legg Mason has
a "hold" recommendation on American
Express.
• •American
Express shares fell 56 cents to $55.44 on Wednesday.
Ameriprise stock will trade on the New York Stock Exchange
under the symbol AMP.
///
_________
ByLines:
Editors Note
More
Articles
• Converging
News 352005 / TeleCom Spinoffs, Buy Outs and Asset Seizure
Boom
Respectfully
Submitted
Josie
Cory
Publisher/Editor
TVI Magazine
•
• TVI
Magazine, tviNews.net, YES90, Your Easy Searh, Associated
Press, Reuters, BBC, LA Times, NY Times, VRA's D-Diaries,
Industry Press Releases, They Said It and SmartSearch were
used in compiling and ascertaining this Yes90 news
report.
•
• ©1956-2005.
Copyright. All rights reserved by: TVI Publications,
VRA TelePlay Pictures, xingtv and Big Six Media
Entertainments. Tel/Fax: 323 462.1099.
We Preserve The
Moment
Return
ˆ
To Top
|
|
We Preserve The Moment
Yes90
tviNews
•
TVInews / A Lesson In The Making of another
Public Company - The Spinoff of American
Express
Ameriprise
Financial
Inc.
•
/
Television
International Magazine's Person Of The Week POW
•
352005 -
/ NEWS
Convergence - 35th Week of 2005
/
Feature
Story
•
108SpinOffs&AmExpress.htm
Smart90,
s90tv, lookradio, tvimagazine, dv90, vratv, xingtv,
Ddiaries, nbs100, Look Radio, Josie Cory,
Television
With No Borders
|
|
|
|
Legal
Notices Copyright
Information
How
Do We Do Business?
Tel
323 462-1099
SEND
E-MAIL
Return
ˆ
To
Top
|
|
|
