On May 30, the Houston-based National Oilwell Varco announced completion of the separation of the distribution business from its other businesses through a pro rata distribution of all outstanding shares of NOW common stock to National Oil Varco shareholders.
National Oilwell Varco shareholders received one share of NOW common stock for each four shares of National Oilwell Varco stock they own. Fractional shares the National Oilwell Varco shareholders could have received will be aggregated and sold on the open market, with shareholders sharing in the proceeds on a pro rata basis.
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