The US wine and spirits to homeware company Brown-Forman Corp has said its board has approved a two-for-one stock split. The board also agreed to a 13.3% increase in the regular quarterly dividend.

The dividend increase was approved before the board considered the effect of the stock split. The dividend will increase from 37.5 cents to 42.5 cents per share.

The stock split, for all shares of Class A and Class B common stock, will be in the form of a stock dividend distributed on or about January 8.