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UPDATE 1-Swiss probe oil company Weatherford share deals
September 21, 2012 / 9:41 PM / in 5 years

UPDATE 1-Swiss probe oil company Weatherford share deals

ZURICH, Sept 21 (Reuters) - The Swiss SIX exchange said on Friday it was investigating executive share transactions at Weatherford , one of the world’s largest oilfield services companies, for possible breaches of disclosure rules.

SIX said the investigation concerned the late disclosure of management transactions, and also the company’s shareholder communications regarding the intended creation of authorised capital, rejected by shareholders in May.

SIX said it was also looking into the company’s failure to file the application for the listing of more than 70 million registered shares, stemming from authorized capital, in due time.

A U.S.-based spokeswoman for Weatherford could not be reached for comment.

James Crandell, analyst at Dahlman Rose and Co, said the company believed the investigation was for administrative lapses and that its management felt the issues were not material enough to notify SIX.

“We believe that there will be a very minimal fine (if any) imposed on Weatherford as a result of this,” Crandell said in a note to investors.

Shares of Weatherford closed 4.2 percent higher at $13.54 on Friday.

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