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IRS Approves Kansas City Spin-Off

The Internal Revenue Service on July 12 approved Kansas City Southern Industries' plan to reorganize its financial service companies into a separate division. Kansas City Southern of Kansas City, Mo., expects the spin-off to take place in the fourth quarter. The new company will be named Stillwell Financial and will consist of Janus Capital Corporation and Berger Associates, both of Denver, Colo., Nelson Money Managers of Chester, England and Kansas City Southern's 32 percent ownership in DST Systems of Kansas City, Mo.