NEW YORK J.P. Morgan & Co. and Chase Manhattan Corp. said they have coordinated their fourth-quarter dividend declarations to avoid having shareholders miss a payment or receive a double payment as a result of the companies merger.
Chase expects to pay a fourth-quarter dividend on Jan. 31 to common stockholders of record at the close of business on Jan. 5, 2001, in the amount of 32 cents per share. J.P. Morgans board declared a quarterly dividend of $1 per share, which is to be paid in the same time frame if the merger is not completed Dec. 31 as scheduled.
If it does close that day, J.P. Morgan shareholders will receive 3.7 shares of Chase stock for every J.P. Morgan share. That would give them a dividend equal to $1.18.