Alert: Fortune Plans to Split up Businesses but Keep Spirits, says WSJ

Dear Client: Sources are telling WSJ's David Kesmodel that Fortune Brand's board has approved a plan in principle to keep its spirits business and "remain an independent, publicly traded company focused on liquor brands." Meanwhile, Fortune "intends to spin off its home and security unit to shareholders in a tax-free transaction, and to either sell or spin off its golf division," says the article. An announcement could be made as early as tomorrow (Dec 8). William Ackman called this development