Varco International to Split Stock 2-for-1

Varco International Inc. said it will split its stock 2-for-1 and adopted a shareholder rights plan. The Orange-based maker of oil- and gas-well drilling products said its stock split is payable Dec. 4 to shareholders of record Nov. 20. Varco said it also has adopted a shareholder rights plan, giving one preferred stock purchase right for each share of common stock, payable as a dividend Nov. 25 to shareholders of record at the end of that business day. The rights can be exercised only if, without prior board approval, a person or group acquires 15% or more of Varco common stock, or announces a tender or exchange offer that would result in owning 15% or more of the stock. Varco shares fell $1.81 to close at $64.69 on the NYSE.