Finance History|11 Wall Street — One AMP Share for Every Five American Express Shares
· 2005-10
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Finance History|11 Wall Street — One AMP Share for Every Five American Express Shares
kevin
People treat Ameriprise as a Minneapolis advice firm that always printed AMP on the Big Board.
The first independent book was a tax-free spin from a card company.
American Express had owned Investors Diversified Services since 1984 and later called the unit American Express Financial Advisors.
The board approved a full distribution on 24 August 2005.
Shareholders of record on 19 September 2005 received one share of Ameriprise Financial common for every five shares of American Express common.
About 246 million Ameriprise shares were distributed on 30 September 2005.
An SEC-filed company release dated 3 October 2005 records that AMP began trading that morning on the New York Stock Exchange as an independent public company.
The first print was 35.30 U.S. dollars.
The session closed at 34.70 U.S. dollars.
Standard and Poor's put the new name into the S and P 500 on the same day, replacing Providian Financial.
American Express received no cash from the distribution.
The company later described the deal as the sixth-largest U.S. spin-off then on record.
This pin is the first specialist session, not the 1894 Investors Syndicate origin.
The mechanism was a one-for-five share dividend that listed the advice book so the card parent could drop it.
Photo: New York Stock Exchange Broad Street facade from the listing-collection cover.
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