DOW JONES NEWSWIRES Coca-Cola Co.'s (KO) board voted Wednesday to recommend a two-for-one stock split, reflecting the board's confidence in the beverage giant's long-term growth prospects. The stock split, which is subject to shareholder approval, would increase the number of authorized shares of Coca-Cola's common stock to 11.2 billion from 5.6 billion. If the split is approved at a special meeting for shareholders, the record date for the split is expected to be on or about July 27. Each shareholder of record on the close of business on the record date will receive one additional share of common stock for each share held. The new shares are expected to be distributed on or about Aug. 10. The split would be Coca-Cola's first in 16 years. Last week, Coca-Cola reported its first-quarter revenue got a boost from higher prices and improved volume in each of its regions. The results showed the company's resilience as it faced tough economic conditions in a variety of regions. Coca-Cola continues to offer its products in a variety of sizes and prices to appeal to consumers in different regions. Shares were up by 1% to $74.53 in recent premarket trading. The stock is up 5.9% since the start of the year. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com
