By Dhirendra Tripathi
Investing.com – L Brands (NYSE:LB) stock rose nearly 6% higher Monday as the company formalized plans to separate its businesses and operate as two listed companies.
The company’s board approved the plans Friday.
The new company, named Victoria’s Secret & Co, will include Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty. L Brands will be known as Bath & Body Works and will be traded on the exchanges under a new symbol, BBWI, starting August 3.
The separation will be achieved through the distribution of 100% of the shares of Victoria’s Secret to holders of L Brands common stock.
Stockholders of the world’s largest intimates specialty retailer will get one share of Victoria’s Secret common stock for every three shares of L Brands common stock held at the close of business on July 22.