General Electric is looking to raise up to $3 billion in sale of majority-owned ...
) shares, resulting in a reduction of the U.S industrial conglomerate’s stake in the oilfield services provider to less than 50%, Baker Hughes said on Tuesday.
Shares of Baker Hughes, in which GE owned an about 50.4% stake as of June 30, fell 3.7% to $23.20 in after hours trading, while GE’s were marginally up at $9.15.But the issue came under scrutiny last month when Madoff whistleblower Harry Markopolos issued a lengthy report that alleged in part that GE was improperly counting Baker Hughes’ income, capital and cash in GE’s financial statements.Baker Hughes said GE would sell up to 120.
GE’s cash generation has failed to keep pace with earnings in recent years, causing the company to cut its dividend and divest non-core assets in order to raise billions of dollars in cash to meet its financial obligations.
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