Microsoft is retiring and will no longer support Internet Explorer. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. Our energy expertise spans from renewable wind energy to emission-reducing natural gas, as well as physical and digital solutions to modernize the grid connecting it all. GE Reverse Stock Split Frequently Asked Questions. Wabtec has approximately 27,000 employees in facilities throughout the world. WILMERDING, PA, (Feb. 25, 2019) Wabtec Corporation (NYSE: WAB) announced today it has completed its merger with GE Transportation, a former business unit of GE (NYSE: GE). The company has roughly 18,000 employees and facilities located throughout the world. If you continue to use this site we will assume that you are happy with it. Normally a corporation will have documentation on their website with a basic formulas to calculate the subsequent tax basis. By embracing diverse teams and perspectives, we are better equipped to build a world that works. Hope this helps. Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors. You can also buy GE stock through brokerage firms that act as a facilitator between individual investors and GE. Furthermore, the deal structure should accrue a net tax benefit of $1.1 billion to Wabtec. Deliver improved customer outcomes through expanded monitoring and services: Together, the combined company will have an expanded footprint of skilled technicians and repair shops that will result in a simpler customer interface and a more streamlined services experience. How do I know which date 2/25 or 2/26 and if to use the Close or High & Low divided by 2? Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail. Under the agreement, which has been approved by the Boards of Directors of Wabtec and GE, GE will receive $2.9 billion in cash at closing and GE and its shareholders will receive a 50.1% ownership interest in the combined company, with Wabtec shareholders retaining 49.9% of the combined company. A registered shareholder is the owner of record on the books of the corporation, generally kept by the transfer agent. basis of Wabtec shares going forward. Has anyone found a cite for that? As we previously reported, GE Transportation has a long history of innovation, stretching from the first electric locomotives to the first freight locomotive that meets the U.S. governments strictTier 4 emission standards. When I sell or before? Transforming how industry solves its toughest challenges by bringing simplicity, speed and scale to digital transformation. GE's innovation engine where ideas become reality to create a better world and deliver differentiated tech across the company's industrial portfolio. Company mailings, including dividends, will reach you through your broker. For example: Mary Jones Tr U/A dtd 4/15/98 The Mary Jones Trust FBO Mary Jones. TRANSACTION DETAILS Broadridge can support the sale of your shares if they are held in DRS (no certificates) as part of a Dividend Reinvest Plan (DRIP), Employee Stock Purchase Plan (ESPP) or Direct Stock Purchase Plan (DSPP). A surety bond is typically obtained by paying a premium to the surety company equal to 2% of the current value of the shares being replaced. Wabtec Chairman, Albert J. Neupaver, has been re-appointed executive chairman; Raymond T. Betler will remain president and CEO of the merged company; Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtecs Freight Segment and Stphane Rambaud-Measson, will become president and CEO of Wabtecs Transit Segment. Although this figure is lower than the 5% many analysts assume for mergers, there are a couple of things to consider that suggest Wabtec is onto a good thing. Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. WILMERDING, Pa. and CHICAGO, May 21, 2018 Wabtec Corporation (NYSE: WAB) has entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company (NYSE: GE). In some cases additional documents will be required to complete the transfer. DRIP - You may elect to have your dividends reinvested in any of the following ways: Make the selection via your online account. GE will receive a $2.9 billion up-front cash payment, and GE and its shareholders will receive a 50.1% ownership interest in the combined company. 2023 Wabtec Corporation. If the transaction is effected via an exchange offer, GE will also file with the SEC a Schedule TO with respect thereto. Confirm that Broadridge is the transfer agent - our name will usually appear on the certificate. Hi All, I don't have a quicken account but was reading the comments looking for direction also myself. Overview of General Electric Capital Corporation merger with and into GE. Tim WesleyTwesley [at] Wabtec [dot] comclass="spamspan" Wabtec Media Contact Multiply the number of WABTEC shares received by $73.96. Based on Wabtec share price of $83.79 on 19-Apr-2018, the last unaffected trading day prior to media speculation regarding a potential transaction, and Wabtec fully diluted share count. There are many options when it comes to securities brokers, so make sure you are choosing one that will best suit your needs. You will find the information under the "Dividend Payment Options" section of the website. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words may, will, should, potential, intend, expect, endeavor, seek, anticipate, estimate, overestimate, underestimate, believe, could, project, predict, continue, target or other similar words or expressions. To make the world smarter, happier, and richer. If you hold them directly, you should receive them that way. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). Any idea how much and when it will show up? This enhanced capability is expected to drive significant productivity for customers by delivering improved cycle time, lower production costs and better asset performance. The Company is committed to maintaining a strong investment grade credit rating profile and will use its strong cash flow to prioritize debt reduction. On December 2, 2015, as part of the GE Debt Assumption and as a result of the Merger, GE succeeded to GECC and assumed the obligations of GECC under all of GECC's outstanding indebtedness and other financial obligations, including: Commercial paper is short-term unsecured senior debt issued in the open market by both financial and nonfinancial companies with strong credit ratings. So far I still have 18.395 shares in my Vanguard brokerage account. It is suggested that the shipment be insured for 2% of the current value of the shares. The deal to merge GE transportation with Westinghouse Air Brake Technologies (WAB-0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders . If you reviewed the discussion, you should understand the. Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. Historic cost basis in GE shares is unchanged and irrelevant to determining the Morgan Stanley & Co. LLC and Dyal Co. LLC are acting as financial advisors, and Davis Polk & Wardwell LLP as legal advisors, to GE in the transaction. Certificates will not be issued for shares held in a plan. All told, if GE can maintain its full-year 2018 cash flow guidance and FCF can improve markedly in 2019, then the Wabtec deal will turn out to have been a smart move. 617.443.3400, Deia Campanelli, GEdeia [dot] campanelli [at] ge [dot] com Stay up to date with the latest resources for the planned spin-offs. Invest better with The Motley Fool. All statements, other than historical facts, including statements regarding the expected benefits of the transaction, including future financial and operating results, the tax consequences of the transaction, and the combined companys plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. By embracing diverse teams and perspectives, we are better equipped to build a world that works. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. ADDITIONAL INFORMATION AND WHERE TO FIND IT. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. The costs associated with DSPPs may be higher or lower than the costs of using a broker. Effective immediately, Wabtec Chairman Albert J. Neupaver has been re-appointed executive chairman of the company, while Raymond T. Betler remains Wabtecs president and CEO. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Equiniti Trust Company (EQ) transfer agent and registrar for GE. Moreover, transportation is a highly cash-generative business for GE, and exiting it will trim FCF generation in the future. What do GE shareholders get for Wabtec? If you keep your stock with your broker in a broker account, you are a "street name" holder and are not directly registered on the company's records as maintained by the transfer agent. That's your selling price. Wabtec expects to benefit from the cyclical tailwinds the industry saw in 2018, including volume growth of 38 million carloads and intermodal units. December 10, 2021The Board of Directors of GE (NYSE: GE) today declared a $0.08 per share dividend on the outstanding common stock of the Company. As it stands, GE expects $6 billion to $7 billion in industrial FCF in 2018, which is intended to fund a $4.2 billion dividend payment. GE will designate for nomination three independent Board members. Must they be reminded that we are retirees of a manufacturing company so most of us do not have the computer skills to educate ourselves further on this matter via the internet. All Rights Reserved. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words may, will, should, potential, intend, expect, endeavor, seek, anticipate, estimate, overestimate, underestimate, believe, could, project, predict, continue, target or other similar words or expressions. An analyst with a more pessimistic approach would worry about continued deterioration in the power segment and therefore see the cash from Wabtec as small potatoes compared to what GE could need to realize its restructuring plans while maintaining its current dividend. https://www.sec.gov/Archives/edgar/data/943452/000114036119001550/s002443x10_s4a.htm, https://www.quicken.com/support/how-do-i-record-corporate-spin-new-securities, https://www.sec.gov/Archives/edgar/data/40545/000119312518172907/d591170d8k.htm, https://globenewswire.com/news-release/2019/01/25/1705540/0/en/Wabtec-and-GE-Modify-Terms-of-Transaction-Expect-to-Close-By-End-of-February-2019.html, Div from GE @ $0.397239/GE share (0.005371 * 73.96), Buy (0.005371 * GE Share Quantity) shares of Wabtec for that whole dividend amount. Note that all shares held in a plan will be in DRS (book-entry) form. Goldman, Sachs & Co., LLC and Jones Day are acting as financial advisors and legal counsel, respectively, to Wabtec in the transaction. Is Renewable Energy the Key to General Electric's Future? Discover how our people & technology are solving global issues, improving lives, and changing industries. Instead, he bought preferred shares, which paid an annual dividend yield of 10%. Socials. We were told we will retain the same number of GE share units, but that their value will change. Learn More. It is headquartered in Pittsburgh, Pennsylvania. GENERAL ELECTRICs dividend is lower than the US industry average of 1.84%, and it is lower than the US market average of 3.4%. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. How do I transfer my stock and retain as registered shares? The transaction is expected to be tax free to the companies' respective shareholders. The company merged with GE Transportation on February 25, 2019. GE, Wabtec, SpinCo, their respective directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from shareholders of Wabtec in connection with the proposed transaction. Wabtec manufactures products for locomotives, freight cars and passenger transit vehicles, and builds new locomotives up to 6,000 horsepower (4 MW). Include any additional instructions indicating how you wish the shares to be transferred. The company also builds new switcher and commuter locomotives, and provides aftermarket services. According to the Association of American Railroads, automation will help improve network velocity and fluidity, potentially saving railroads billions of dollars annually. The recent restructuring of the deal provides GE with more cash, but it also left GE as the minority owner of the combined entity. Offering a suite of products to help unlock the full potential of additive manufacturing. At GE, we are committed to building a more diverse workforce and a more inclusive workplace. Current Shares. By bringing together our highly complementary strengths we are confident that this transformational combination will create value for both Wabtec and GE shareholders, innovative solutions for our customers, and new outlets for long-term career growth for our employees.
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