Nearly two years after it was first talked about, Kellogg Company has been split in two. The global business with an emphasis on snacks will retain the "K" ticker symbol under its new name Kellanova (NYSE: K). Meanwhile, the cereal business for North America has been spun out as WK Kellogg (NYSE:KLG).

Shareholders of former Kellogg have the same number of Kellanova shares. For example, if you owned 100 shares of Kellogg, you now own 100 shares of Kellanova. However, shareholders also now own one share of WK Kellogg for every four shares of Kellogg they owned. For the investor with 100 shares of Kellogg before, you now have 25 shares of WK Kellogg in addition to your 100 shares of Kellanova.

A spinoff doesn't create shareholder value, which is why Kellanova is down today -- it no longer represents the business of WK Kellogg. As of 12:20 p.m. ET, Kellanova stock was down about 6%, and WK Kellogg stock was down about 5% from where it opened up.

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Source Fool.com