Halliburton to complete separation from KBR in a split-off exchange offer

By Lisa Kerner

Charlotte, N.C., Feb. 26 - Halliburton Co.'s board of directors approved a plan to dispose of the company's remaining interest in KBR, Inc. through a split-off exchange offer to Halliburton's stockholders.

Under the plan, Halliburton will offer its 135,627,000 shares of KBR common stock to its stockholders in exchange for shares of Halliburton common stock at an exchange ratio to be determined, according to a company news release.

If the exchange offer is completed but not fully subscribed, Halliburton will distribute the remaining shares of KBR common stock to its shareholders as a special dividend.

The exchange offer will be the final step in the separation of the engineering construction and services company from Halliburton.

Halliburton, based in Houston, provides products and services to the petroleum and energy industries.

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