CL boosts dividend payout by 10% and announces 2:1 split
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Reflecting the Company’s positive outlook, the Board of Directors of Colgate-Palmolive Company ( CL) today approved a two-for-one split of the Company’s common stock to be effected through a stock dividend and increased the ongoing quarterly cash dividend by 10%, both effective in second quarter 2013 as described below. Ian Cook, Colgate’s Chairman, President and Chief Executive Officer, said, “Colgate finished 2012 with excellent growth momentum worldwide, driven by broad new product success. Today’s actions demonstrate our confidence in the continued strong and profitable growth of Colgate’s global business.”
The record date for the two-for-one split is the close of business on April 23, 2013, with share distribution scheduled for May 15, 2013. As a result of the split, shareholders will receive one additional share of Colgate common stock, par value $1.00, for each share they hold as of the record date. Total shares outstanding will increase from approximately 468 million to 936 million.
The higher quarterly dividend of $0.68 per share on a pre-split basis, up from $0.62, is to be paid May 15, 2013 to shareholders of record as of April 23, 2013. On an annualized basis, the new rate is $2.72 per share (or $1.36 after giving effect to the split).
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