KC Southern Spinoff Is Complete
Thursday, July 13th 2000, 12:00 am
By: News On 6
KANSAS CITY, Mo. (AP) â€” Railroad firm Kansas City Southern Industries says it has completed the spinoff of its financial services holdings.
The spinoff of Stilwell Financial Inc. became final with the distribution of 223 million shares of Stilwell Financial to Kansas City Southern common stockholders, the company said Wednesday.
Stilwell Financial includes mutual fund families Janus Capital Corp. and Berger LLC as well as DST Systems Inc., a mutual fund processing company.
Stilwell Financial is named after Arthur Stilwell, the insurance executive who built the Kansas City Southern railroad in the 19th century.
The new company will be traded under the symbol SV on the New York Stock Exchange.
KC Southern Industries' transportation businesses will trade under the symbol KSU.
``We view the completion of the Stilwell spinoff as an excellent opportunity for our stockholders and potential investors to capitalize on the growth potential of the financial asset management industry,'' Landon Rowland, the chairman, president and chief executive officer of both KC Southern Industries and Stilwell, said in a news release.
Now that the spinoff is complete, KC Southern Industries will undergo a reverse stock split, cutting the number of shares outstanding from some 111.5 million to about 55.75 million.