Halliburton board OKs KBR plan |
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Mon, 26 Feb 2007 23:38
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HOUSTON (AP) - Oil industry services provider Halliburton Co. said Monday its board has approved a plan that will allow it to dispose of its remaining interest in KBR Inc. through a split-off exchange offer.Under the proposed terms, Halliburton will offer its about 135.6 million shares of KBR common stock to its shareholders in exchange for shares of Halliburton common stock at an exchange ratio to be determined by a specific formula.If the offer is completed but not fully subscribed, Halliburton will distribute any remaining shares on a pro rata basis to its stockholders by means of a special dividend.The exchange offer and any subsequent spin-off will be the final step in the separation of KBR from Halliburton and will result in two independent companies, Halliburton said.Halliburton shares rose 51 cents to $32.41 in aftermarket trading, after closing up 35 cents at $31.90 on the New York Stock Exchange, while KBR shares closed up $1.57, or 7 percent, at $24.12 on the NYSE.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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