Months after the spinoff of its transportation unit and its subsequent merger with Wabtec(WAB), GE(GE) has sold 25.2 million shares of Wabtec stock in a public offering at $73.50 per share. The offering had originally been set at 12.5 million to 14.375 million shares but was quickly upsized, presumably due to robust interest. GE continues to own around… Read More »
There’s a lot of news to report as GE(GE) completes its spinoff of GE Transportation on Monday, February 25 and merges it with Wabtec(WAB) immediately thereafter. As we theorized last week, the bulked-up Wabtec will be added to the S&P 500, replacing Goodyear Tire(GT). Goodyear will take Wabtec’s place in the S&P MidCap 400, making this a neat… Read More »
With GE’s (GE) share price in freefall and concerns about its debt levels, the company began offloading assets left and right. One disposal arranged by short lived CEO John Flannery was the spinoff of its transportation business via Reverse Morris Trust by subsequently merging it with Wabtec (WAB) to form a leading freight car powerhouse. Manufacturing and servicing all done in… Read More »