Halliburton completes KBR separation |
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Fri, 06 Apr 2007 00:20
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HOUSTON (AP) - Oilfield services provider Halliburton Co. said Thursday it completed its separation from KBR Inc., a military, engineering and construction services company.Halliburton first said in 2005 it would separate the two companies, and KBR had an initial public offering of shares in November.An exchange offer for Halliburton's remaining stake in KBR expired at midnight on April 2, and Halliburton said it accepted 85.3 million shares of its stock in exchange for the 135.6 million shares of KBR stock.Halliburton said the exchange offer was oversubscribed, and it accepted tendered shares on a pro rata basis.Credit Suisse and Goldman Sachs served as the dealer managers for the exchange offer.'As a pure oilfield services company, Halliburton now can focus on the global growth opportunities in its core energy services business,' Halliburton Chairman, President and Chief Executive Dave Lesar said in a statement.Analysts have said the separation from the lower-margin KBR, which had been a subsidiary for 44 years, will allow Halliburton to focus on its oilfield services.Halliburton shares rose 10 cents to close at $32.94 on the New York Stock Exchange.KBR shares slipped 2 cents to close at $20.54 on the NYSE.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Halliburton board OKs KBR plan 