McDermott Approves Spin-Off of Babcock & Wilcox

This will be of no interest to 99.995% of my readers, but because I hold McDermott I thought I would link this story here for future reference.

Otherwise, ignore this post.

Babcock and Wilcox will trade on the NYSE under the ticker symbol BWC. The distribution of shares is expected to occur on July 30, 2010, for those holding McDermott on July 9, 2010. McDermott shareholders will get on BWC share for every two McDermott shares.