Coca-Cola shareholders approved on Tuesday a two-for-one split of the Atlanta company's stock, the first for the world's largest soft drink maker in 16 years.
The move will see the beverage giant's authorized shares double from 5.6 billion to 11.2 billion. The stock split is expected to take effect July 27, with new shares expected to be distributed Aug. 10.
Stock splits are seen as ways to create excitement about a company's stock —- and reduce how much it costs to buy a share —- but it doesn't directly change the value of a company or the value of a person's overall stock holdings.
Muhtar Kent, the company's chief executive officer, announced the split in April to rousing applause at Cola-Cola's annual shareholder meeting, held at the Cobb Galleria.
Coca-Cola has seen its overall sales performance improve over the last few years as products such as water and juices gain ground as carbonated drinks, its biggest sellers, have struggled.
The stock split will be the 11th in Coca-Cola's 92-year history.
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