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Article: Kerr-McGee to Separate Chemical Business With Initial Public Offering in Fourth Quarter.
- Article from:
- PR Newswire
- Article date:
- October 6, 2005
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OKLAHOMA CITY, Oct. 6 /PRNewswire-FirstCall/ -- Kerr-McGee Corp. today announced that the company's board of directors has approved the separation of its chemical business through an initial public offering (IPO) of shares of the Class A common stock of its wholly-owned subsidiary, Tronox Incorporated. The IPO is planned for the fourth quarter of 2005. Following the IPO, Kerr-McGee will continue to hold an interest in Tronox through ownership of Tronox's Class B common stock. Kerr-McGee expects to distribute those shares to its stockholders through a spin off or split off during 2006.
"We believe the total value received through creating a separate public ...