Big Oil Bring Small Oil Company ($BAC $CHK $GS)
We have seen it before, big oil companies creating smaller companies. This is the current case with Chesapeake Energy. They are currently working to create a smaller spin off company. Paul Ausick gives some additional details about the company.
Chesapeake Energy Corp. (NYSE: CHK) will spin-off its wholly-owned oilfield services business into a new company to be called Chesapeake Oilfield Services Inc., which will trade on the NYSE under the stock symbol ‘COS’. The filing indicates that the company hopes to raise $862.5 million from the offering, but the filing does not indicate how many shares will be sold. Underwriters for the offering are Goldman Sachs Group
Inc. (NYSE: GS) and Bank of America Corp.’s (NYSE: BAC) Merrill Lynch.
Quotes taken from report by Paul Ausick, Read the entire article here.
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