A custodial registration requires the names of the custodian and the beneficial owner. Broadridge will send you the documents necessary to obtain replacement certificates along with instructions to complete them. Any forward-looking statements speak only as of the date of this communication. The letter from GE HR to retirees in the RSP was not clear at all. The respective NYSE tickers will be GE WI and WAB WI. Can all this be explained in normal peoples language. Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors. If You Do This, You Won't Have to Worry About Them, A Bull Market Is Coming: 3 Stocks to Buy Without Hesitation, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Those shares were also convertible, meaning Buffett could choose to convert them to common shares. Historic cost basis in GE shares is unchanged and irrelevant to determining the This will offer shareholders a chance to sell their GE shares but retain their Wabtec interests or alternatively sell their Wabtec interest and retain their GE shares. In other words, in future years, earnings should rebound strongly -- and, all things being equal, the EV/EBITDA multiple will decline. On 2/25/19 GE spun off its transportation business to Wabtec, producing .005371 share of Wabtec for each share of GE. Disclosure: Author holds no position in any stock mentioned. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. Wabtec will host a call with analysts and investors at 8:30 a.m., ET today to discuss its 2018 results and 2019 guidance, and the merger. We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Access the latest press releases, media contacts, and press tools. Why Shares in General Electric Crushed the Market in March, Why Shares in General Electric Beat the Market Today. Strategic Combination Will Drive Shareholder Value Creation by Accelerating Innovation in Transportation and Logistics. Otherwise, if your shares are not part of such plans, you must take your certificate(s) to a securities broker to sell the shares. Buy the number of shares of WABTEC per step 1 at a per share price of $73.96. I'm looking for someone to tell me how! This feels a bit disappointing as I have some doubts on the operating execution. Due to low participation, GE ended the Stock Redemption program on November 10, 2016 for GE Stock Direct Investors. Request that Broadridge facilitate the sale of your shares by completing the form attached to your account statement and returning it to Broadridge. 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. We connect capital to infrastructure and deliver innovative financial solutions that help make the world work better. 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. Wabtec is a global provider of equipment and systems services for transit and freight rail. Drawing on nearly four centuries of collective experience across Wabtec, GE Transportation and Faiveley Transport, the company has unmatched digital expertise, technological innovation, and world-class manufacturing and services, enabling the digital-rail-and-transit ecosystems. This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the acquisition by Wabtec of GE Transportation (the transaction) and statements regarding Wabtecs expectations about future sales and earnings. As a result, the merger is no longer structured as a Reverse Morris Trust and instead will be taxable to GE shareholders. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. Solutions. 773.297.0482, Rich Stimel, Wabtecrstimel [at] wabtec [dot] com Equiniti Trust Company (EQ) transfer agent and registrar for GE. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. $1.1 billion of net tax benefit will accrue to the combined company. Explore GEs recent and historic SEC filings. If you want to sell your shares of GE stock, please contact GEs current transfer agent, Equiniti Trust Company (EQ). Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. As a result of an internal reorganization undertaken by General Electric Company, interest payments made after November 25, 2018 will be treated as U.S.-source interest for U.S. federal income tax purposes. The date of record for the transaction is February 14th andGE shareholders as of that date will receive ~0.005403 shares of Wabtec for each GE common share owned. GEs annual dividend yield is 0.42%. GE will designate for nomination three independent Board members. Sell any fractional share for whatever cash-in-lieu amount received. This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Wabtec. 617.443.3400, Deia Campanelli, GEdeia [dot] campanelli [at] ge [dot] com We were advised to turn to websites for further information. Note that all shares held in a plan will be in DRS (book-entry) form. I typically enter the cash-in-lieu transaction as a sell and consider the small capital gain as taxable. If so, you may enroll in the plan in any of the following ways: Make the investment via your online account. If you hold your shares in a brokerage account, the new shares will show up there. CONFERENCE CALL INFORMATION I don't know exactly what they are saying, but I think this has to be entered as a dividend (non-stock?). The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. To best address the business needs of our rail customers, we offer a variety of products and services through our Freight and Transit segments. You will find the information under the "Plan Purchase Options" section of the website. The GE Transportation business is positioned for a significant rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. On July 27, 2015, Wabtec announced that it plans to purchase 51% of Faiveley Transport's shares in a cash-and-stock deal valued . How should shares for transfer be mailed to Broadridge? GE Transportation has received $3.6 billion in orders in the last two quarters. Moreover, transportation is a highly cash-generative business for GE, and exiting it will trim FCF generation in the future. If you own stock through a broker, sign up at Broadridge. These instructions should provide the name, address and social security number for each transferee and should indicate the number of shares to be transferred. It is headquartered in Pittsburgh, Pennsylvania. Please refer to the tax disclosure included in the General Electric Company Series D preferred stock prospectus for additional information. GE plans to sell . Microsoft is retiring and will no longer support Internet Explorer. The deal to merge GE transportation withWestinghouse Air Brake Technologies(WAB -0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders. The transaction is valued at approximately $11.1 billion.When adjusted for the net tax benefit of $1.1 billion accruing to the combined company, the transaction value is $10 billion. 2023 Wabtec Corporation. Effective December 2, 2015, General Electric Capital Corporation (GECC) merged with and into GE (the "Merger") to assure compliance with debt covenants as GECC exits the assets planned for disposition. The deal is tax-free for GE and Wabtec shareholders because it is structured as a so-called Reverse Morris Trust . What do GE shareholders get for Wabtec? All comments, concerns and complaints can be addressed via phone or e-mail to: To view GE Form 8937 attachment, click here, GE HealthCare Distribution Ratio Frequently Asked Questions, https://www.ge.com/news/press-releases/ge-announces-board-of-directors-for-future-independent-ge-healthcare-confirms-target. Stay up to date with the latest resources for the planned spin-offs. However Schwab has used Feb 25, 2019 of $76.96 (actually $76.955) calculated with the High of $80.46 + Low of $73.45 = $153.91 and divide by 2 which = $76.955 I have not spoken yet to Schwab nor to my Investment advisor. Note that the in-product QWin 2019 Help for a taxable spin-off would have you enter a Misc Income for the dollar value of the spin-off and an Add rather then Buy for the new shares. This fee structure was not changed as part of the switch to, Avoid Losing Your Shares to the State as Unclaimed Property. Example: Mary Smith & Barbara Smith Jt Ten, This registration allows an appropriate portion of the shares to pass to the estate of the holder upon the holder's death rather than to the surviving tenant. The ex-dividend date is December 20, 2021. It's one of the oldest and most widely used money market instruments in the U.S. and in markets around the world. Registered shareholders receive dividends, proxies and other communications directly from the corporation via the transfer agent or the corporation directly. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Wabtec will now have 50.8%, up 0.9%. There are several custodial registrations possible. Your corporation you own stock in may also support a stock sale plan. Access important shareholder information. Wabtec and GE shareholders will have ownership in a combined company with significantly expanded margins, a highly attractive growth profile based on an improved business mix, expanded global reach, and faster innovation in key growth areas. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GE's ownership). Contact information for general inquiries and feedback. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. GE received approximately $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec nonvoting convertible preferred stock that together represent an approximately 24.9 percent ownership interest in Wabtec.
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