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FMC announces completion of final separation of Livent Corporation
Mar. 6, 2019
FMC Corporation (NYSE: FMC) announced yesterday that it has completed the previously announced distribution of 123,000,000 shares of common stock of Livent Corporation ("Livent") (NYSE: LTHM) as a pro rata dividend on shares of FMC common stock outstanding as of 5:00 p.m. EST on the record date of February 25, 2019.
Based on the shares of FMC common stock outstanding as of February 25, 2019, the record date for the distribution, each share of FMC common stock will receive 0.935301 shares of Livent common stock in the distribution.
Fractional shares of Livent common stock were not distributed to FMC stockholders. Instead, the fractional shares of Livent common stock will be aggregated and sold in the open market on behalf of the applicable shareholders, with the net proceeds distributed pro rata in the form of cash payments to FMC stockholders who would otherwise receive Livent fractional shares.
The distribution was structured to qualify as a tax-free distribution to FMC stockholders for U.S. federal income tax purposes. Cash received in lieu of fractional shares will, however, be taxable. FMC stockholders should consult their tax advisors with respect to U.S. federal, state, local and foreign tax consequences of the distribution.
Source: FMC News Release
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