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 »
A spinoff of a Dow Jones Industrial Average component is not an everyday occurrence. GE(GE), a former Dow component, recently spun off its transportation business into Wabtec(WAB), but the struggling company was removed from the Dow last June. United Technologies(UTX) plans to split in three next year. Even rarer, in this case, the child will join the Dow,… Read More »
Lets close the week with some Odds & Ends. In this week’s edition, we provide some updates on recent and upcoming spinoffs. We also give thanks to a reader for pointing out something we missed – keep it up! Thanks to reader AH for pointing out that we missed Naspers (NPSNY) spinoff of its Pay-TV business, MultiChoice Group… Read More »
Wabtec(WAB) was excited to announce this that it had completed its merger with GE Transportation, immediately following GE Transportation’s spinoff from GE(GE). GE shareholders will see small amounts of Wabtec in their portfolios. The final ratio is a bit lower than what had been estimated. For each share of GE stock owned, shareholders received 0.005371 shares of Wabtec stock,… Read More »
On the day it finalizes its spinoff of GE Transportation and merges it with Wabtec(WAB), GE(GE) announces an even larger divestiture, selling off its Biopharma unit to Danaher(DHR) for $21 billion in cash. Danaher will also take on $400 million in pension liabilities. GE CEO Larry Culp, former CEO of Danaher has taken another major step in shrinking… 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 »
GE (GE) is set to close the restructured merger agreement for its transportation business with Wabtec (WAB) on February 25th. As a result, the 25th will also be the distribution date for GE’s transportation business spin off which will be immediately merged into Wabtec. The end result will be a more vertically integrated freight car business that is… Read More »
Based on reader suggestions we are going to try something new this month. We update our tables as new information is released, but we recognize that not everyone is constantly hitting refresh in order to see when a distribution date might get posted (please do so in the future though). Going forward, at the end of every month… 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 »