Conformed
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported) February 10, 1998
Beneficial Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-1177 51-0003820
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
301 North Walnut Street, Wilmington, Delaware 19801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (302)425-2500
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events.
The following is the text of a press release of Beneficial
Corporation, issued on February 10, 1998:
BENEFICIAL CORPORATION ANNOUNCES SALE
OF CANADIAN SUBSIDIARY
WILMINGTON, Del. - Beneficial Corporation today announced a definitive
agreement to sell its Canadian subsidiary, Beneficial Canada Holdings Inc.,
to Associates First Capital Corporation. The sale is subject to corporate
and regulatory approvals. Terms of the agreement were not disclosed,
although Beneficial expects to record a net aftertax gain of more than $100
million in the first quarter.
Beneficial Canada has 105 offices and C$1.1 billion in net receivables.
In October, Beneficial Corporation announced that, as a result of a recent
strategic review, it would sell its Canadian and German consumer finance
subsidiaries and focus on its core U.S. consumer financial services
businesses, including consumer finance, related credit insurance,
private-label credit card, and its highly profitable United Kingdom and
Irish operations. The company also plans to sell certain real estate
holdings in New Jersey and Florida. A contract for sale of 580 acres of land
in Peapack-Gladstone and Bedminster, N.J., was announced on Jan. 30.
Proceeds from the sale will be reinvested in the core business, which is
currently in the midst of a major re-engineering project designed to improve
loan growth, increase efficiency and significantly improve profitability.
The proceeds will also effectively finance the company's current 3
million-share equity repurchase program.
Beneficial Corporation is a $17 billion, New York Stock Exchange-listed
financial services holding company. Subsidiaries of the Company provide
financial services through their various consumer finance, credit-card,
banking and insurance operations located throughout the United States, the
United Kingdom, Ireland and Germany.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BENEFICIAL CORPORATION
(Registrant)
By /s/ Samuel F. McMillan
Samuel F. McMillan
Senior Vice President
and Treasurer
Dated: February 10, 1998
