Brown-Forman has received stockholder approval to split its stock 2-for-1. The corporation announced yesterday that stockholders have approved an amendment to its charter which will allow it to increase the authorised Class A common stock from 30m to 57m shares and the Class B common stock from 60m to 100m shares.

The charter amendment will permit the corporation to pay the 2-for-1 stock split in the form of a stock dividend to its stockholders in the form of a stock dividend. Qualifying stockholders must be on record as of the close of business on 12 January this year.

Certificates representing the new shares are expected to be mailed to stockholders on 20 January, with the share price being adjusted accordingly at the beginning of trading on 21 January. The common stock par value remains unchanged at US$0.15 per share.

Among Brown-Forman's products are Jack Daniels, Southern Comfort, Finlandia vodka and Korbel California Champagnes. Brown-Forman is also one of the companies named in the pending lawsuit in the US accusing many firms of targeting underage drinkers.