Shareholders Ok Us West Stock Split
US West shareholders by an overwhelming margin approved splitting the company’s stock into two classes, the company said Tuesday.
The split, approved by 93 percent of the shareholders, makes US West the first telecommunications firm to keep the same corporate structure, but split its stock into separately traded shares.
US West Communications Group shares will track the performance of the company’s 14-state telecommunications business, while US West Media Group stock will be tied to the company’s multimedia, wireless, directory and international businesses.
“This approach gives our shareowners the best of two worlds,” said Richard McCormick, US West chairman and chief executive officer.
The stocks will be traded independently on the New York Stock Exchange. Regular trading was to begin today.