Weatherford International plc, formed in Ireland (NYSE: WFT), reports that the shareholders of its predecessor company Weatherford International Ltd., formed in Switzerland, have approved changing its place of incorporation from Switzerland to Ireland.
This action was taken at an Extraordinary General Meeting of Shareholders held June 16, at which the proposal was overwhelmingly approved by over 98% of the shareholders voting. On June 17, Weatherford Switzerland merged into Weatherford Ireland, which has now become the parent of the Weatherford International group of companies.
With the completion of the merger mentioned above, the parent company of the Weatherford International group of companies continues to be subject to US Securities and Exchange Commission (SEC) reporting requirements as well as the rules of the New York Stock Exchange (NYSE), and its ordinary shares will be exclusively listed on the NYSE under the symbol "WFT."
As previously announced, Weatherford's shares have been delisted from the NYSE Euronext Paris, and Weatherford also expects to delist its shares from the SIX Swiss Exchange on or about June 19.
Weatherford shareholders approved moving the company headquarters from Switzerland to Ireland. Though headquartered in Geneva, Weatherford’s corporate officers are in Houston and will remain there. Weatherford’s board of directors approved the move in April, but a shareholder vote in favor of the plan was needed to make the change official.