GE sets record date for transportation spinoff
General Electric Co. said late Monday it has set a record date of Feb. 14 for the spinoff of Transportation Systems Holdings Inc., or SpinCo, which will hold a portion of GE Transportation, a business unit of GE. As previously announced, immediately after the spin-off SpinCo will merge with a subsidiary of Wabtec Corporation and SpinCo will continue as the surviving company. The spinoff and merger are expected to take place Feb. 25 subject to some closing conditions. Upon closing, GE shareholders will own about 24.3% of the outstanding shares of Wabtec common stock, and Wabtec shareholders will own approximately 50.8%. GE will own Wabtec stock and Wabtec non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec. The terms were amended in January. Shares of GE fell 0.3% in the extended session after ending the regular trading day up 0.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.