Halliburton Settlement May Reach $4 Billion
From Bloomberg News
Halliburton Co. agreed to pay as much as $4 billion in cash and stock in one of the largest settlements of asbestos lawsuits.
The world’s No. 2 oil-services company reached an agreement with lawyers representing more than 75% of about 200,000 people suing over asbestos exposure.
Asbestos suits have forced more than 60 companies, including W.R. Grace & Co., into bankruptcy since 1982.
Under the settlement, Halliburton will pay as much as $2.78 billion in cash, about $100 million in notes and as many as 59.5 million shares, worth $1.16 billion.
Halliburton shares fell 80 cents, or 4%, to close at $19.55 on the NYSE.
