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) March 2, 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 March 2, 1998:
BENEFICIAL CORPORATION CLOSES SALE OF CANADIAN SUBSIDIARY
WILMINGTON, Del. - Beneficial Corporation today announced it has finalized
the previously announced sale of its Canadian subsidiary, Beneficial Canada
Holdings Inc., to Associates Capital Corporation of Canada, a subsidiary of
Associates First Capital Corporation. Although terms of the agreement were
not disclosed, Beneficial Corporation will 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.
Beneficial Corporation announced last October 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. In February, the Company announced that its Board of
Directors authorized the Company's management and its financial advisors,
Goldman Sachs and Merrill Lynch, to evaluate the full range of tactical and
strategic alternatives to enhance shareholder value, including, among other
things, continuing to pursue or modify the current strategy, a merger or
other business combination or strategic alliance with another entity, or the
sale of the Company.
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: March 3, 1998
