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Jump to full article: Dow Jones via IWon, 2004-11-08
Author: Mary Ellen Lloyd, Dow Jones Newswires
Intro: DimonStandard, the company being created out of Dimon Inc. (DMN) and Standard Commercial Corp. (STW), anticipates paying an annual dividend of 30 cents a share, Dimon Chairman Brian Harker said Monday.
Dimon currently pays an annual dividend of 30 cents a share, while Standard Commercial pays 35 cents a share. In the deal, however, Standard Commercial shareholders are set to receive three shares of Dimon common stock for each Standard Commercial share. As a result, on an equivalent-share basis, Standard holders would receive 90 cents in annual dividends following the $670 million transaction, a spokesman for Standard said.
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