Article: Ralston Purina to Spin Off Agribrands International; Value Uncertain.

By Jerri Stroud, St. Louis Post-Dispatch Knight Ridder/Tribune Business News

Mar. 20--Ralston Purina Co. shareholders will get a new spinoff stock for their portfolios in less than two weeks -- Agribrands International Inc.

Analysts haven't quite pinned down the stock or its estimated value. Shareholders will get a share of Agribrands for every 10 Ralston shares they own. The spinoff is effective April 1, but when-issued trading will begin March 27.

The value of Agribrands is "one of the great mysteries of modern times," quipped Steve Galbraith, an analyst with Sanford C. Bernstein & Co.

He expects initial trading in the ...

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