Santa Fe Pacific Corp. has announced it will split into three independent entities on Dec. 4. in a move it says will benefit shareholders. The railroad, energy and real-estate conglomerate said Monday that its board of directors approved a previously announced plan to spin off Santa Fe Energy Resources and Catellus Development Corp., formerly Santa Fe Pacific Realty, to shareholders. Santa Fe stockholders of record as of Nov. 29 will receive a special, tax-free dividend consisting of one share of common stock of Santa Fe Energy Resources for every 3.3 shares of Santa Fe Pacific held, and one share of Catellus for every 4 shares of Santa Fe Pacific. Distributions of fractional shares will be settled in cash. The spinoffs will leave the Chicago-based parent company with three interests: the Atchison, Topeka and Santa Fe Railway, Santa Fe Pacific Minerals Corp. and a 44 percent stake in Santa Fe Pacific Pipelines. Santa Fe announced in April its plan to spin off the Houston-based energy and San Francisco-based real-estate units as part of a far-reaching restructuring program begun in 1987. Chairman Robert Krebs said in a statement that the values of Santa Fe's diversified assets have not been reflected in Santa Fe's stock price. Santa Fe Pacific stock closed 25 cents lower at $13 a share Monday on the New York Stock Exchange. ``Our stockholders should benefit from this separation because it will place a spotlight on the values inherent in those companies,'' he said. ``In addition, the directors, management and employees of all three companies will now be able to focus their energies on better utilizing and developing their assets,'' he said. Santa Fe previously sold 18.3 percent of Santa Fe Energy Resources to the public. Its stock is traded on the New York Stock Exchange. Santa Fe also has sold a 20 percent stake in the real-estate subsidiary to a limited partnership formed by JMB Realty Corp. and the California Public Employees Retirement System. Santa Fe said Catellus has been approved for trading on the New York Stock Exchange.
