Halliburton sets out KBR division

Halliburton, one of the world's largest oil and gas services companies, has moved forward with its plans to separate from its construction subsidiary, KBR.

Halliburton, one of the world's largest oil and gas services companies, has moved forward with its plans to separate from its construction subsidiary, KBR.

The company, which announced earlier this month that it was moving its headquarters from Houston to Dubai, said in a statement that it will dispose of its remaining interest in KBR by way of a split-off exchange offer; offering over 135 million shares of KBR stock to its shareholders in exchange for its own shares.

The exchange offer will result in the formation of two independent companies.

Halliburton's move to Dubai has sparked outrage from US members of Congress, who accused the company of trying to evade tax and escape investigations into its billing practices.

KBR has also been shrouded in controversy. The Pentagon's largest contractor in Iraq has so far booked more than US $20 billion worth of work in the country, including a $7 billion single no-bid contract known as 'Restore Iraqi Oil'. Critics say that contracts were awarded due to KBR's association with US Vice President Dick Cheney, who once ran the company.

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