Kerr-McGee Completes Separation of Tronox
Kerr-McGee has completed its divestiture of titanium dioxide producer Tronox Incorporated. The company distributed to its stockholders .20164 of a share of Tronox Class B common stock for each outstanding share of Kerr-McGee common stock they owned as of the record date of March 20.
"With the completion of the separation of Tronox, Kerr-McGee is now a pure-play oil and natural gas exploration and production company," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "We already are executing our strategic plan as a pure-play E&P company with the right assets that provide a foundation of opportunities to continue delivering consistent, repeatable growth for our stockholders."
"I appreciate the effort and professionalism the employees of both Kerr-McGee and Tronox have shown in ensuring a smooth transition that I believe will prove beneficial to the stockholders of both companies," he added.
Cash will be delivered in place of fractional-share interests to stockholders entitled to receive less than one share of Tronox Class B common stock. The distribution is structured to be generally tax free to Kerr-McGee stockholders for U.S. federal income tax purposes. Registered holders of Kerr-McGee common stock on the record date will receive an account statement showing their ownership in Tronox.
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