Coke Board Votes to Recommend 2-for-1 Stock Split with AP

Coca-Cola's board of directors voted on Wednesday to recommend a two-for-one stock split to shareowners.

Coca-Cola bottles

This recommendation will be voted on at a special shareholders meeting that is anticipated to be held on July 10. The split would increase the number the company's common stock shares to 11.2 billion from 5.6 billion.

The world's biggest beverage maker said the two-for-one split is in line with its plan to double revenue over this decade.

If approved, the split would be the 11th in the stock's 92-year history and the first in 16 years.

"A stock split reflects our desire to share value with an ever-growing number of people and organizations around the world," said Muhtar Kent, the company's chairman and CEO.

Earlier this year, the Coke announced its 50th consecutive annual dividend increase and raised the quarterly dividend 8.5 percent to 51 cents from 47 cents.