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GE begins divestment of Baker Hughes with $2.7 billion share sale

GE begins divestment of Baker Hughes with $2.7 billion share sale

12.9.2019

GE begins divestment of Baker Hughes with $2.7 billion share sale

Ge neral Electric Co ( GE ) on Wednesday said it plans to reduce its ownership in o...

2 Min Read FILE PHOTO: The General Electric Co. logo is seen on the company's corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019. Picture taken July 23, 2019. REUTERS/Alwyn Scott (Reuters) - General Electric Co (GE) on Wednesday said it plans to reduce its ownership in oil and gas company Baker Hughes A GE Co to 38.4% from 50.4% at June-end, and aims to raise $2.7 billion in the process. The U.S. conglomerate, which will lose majority control of Baker Hughes, said it would raise the amount through a public offering of 115 million Baker Hughes Class A shares priced at $21.50 each, and through a private sale of $250 million Class B Baker Hughes shares to the oilfield services provider. “Combined net proceeds of the offering and the repurchase will be approximately $2.7 billion, or approximately $3.0 billion assuming full exercise of the underwriters’ option to purchase additional shares in the offering,” GE said in a statement. General Electric said it expects to continue divesting the remainder of its holding in Baker Hughes over time. In a separate statement, Baker Hughes said it expects the public offering of its Class A shares to close on Sept. 16, and that underwriters will have 30 days to purchase up to an additional 17.25 million shares from the selling stockholders. GE’s representation on Baker Hughes’ board will be reduced from five members to one, with John Rice expected to stay on the board, the companies said. GE had long planned to sell down its stake in Baker Hughes. 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. GE has maintained its accounting was appropriate. Reporting by Kanishka Singh in Bengaluru; Editing by Christopher Cushing Our Standards: Read more: Reuters Top News

generalelectric to cede majority control of BHGECO by selling their shares for $2.7B. equilarinc notes GE CEO Larry Culp earned $15,312,165 in 2018 while Baker Hughes CEO Lorenzo Simonelli earned $15,590,514 in 2018 $GE $BHGE execcomp CorpGov Source: If I count how many times I’ve heard about this deal in the past 4-5 years!!

GE to lose majority control of Baker Hughes with up to $3 billion share sale Ge neral Electric is looking to raise up to $3 billion in sale of majority-owned ... Wow! What does that say about their old plan to go dig into oil and gas equipment

GE to cede majority control of Baker Hughes in $2.7 billion share sale Ge neral Electric Co on Wednesday said it plans to reduce its ownership in oil an... generalelectric to cede majority control of BHGECO by selling their shares for $2.7B. equilarinc notes GE CEO Larry Culp earned $15,312,165 in 2018 while Baker Hughes CEO Lorenzo Simonelli earned $15,590,514 in 2018 $GE $BHGE execcomp CorpGov Source:

Stocks making the biggest moves premarket: RH, Dave & Buster's, GameStop, GE, Costco & moreThese are the stocks posting the largest moves before the bell. Pro Tip: Buy Bread & Circus

Fancy battling bread week? Ex Bake Off winner John Whaite shares a monkey bread recipe that is sure to earn you star bakerEx Great British Bake Off winner, John Whaite, has shared his monkey bread recipe with Hello! that is sure to add a spark a bit of fun into any dinner party. You will need muscovado sugar, black coffee and yeast.

GE to cede majority control of Baker Hughes in $2.7 billion share sale Ge neral Electric Co on Wednesday said it plans to reduce its ownership in oil an... generalelectric to cede majority control of BHGECO by selling their shares for $2.7B. equilarinc notes GE CEO Larry Culp earned $15,312,165 in 2018 while Baker Hughes CEO Lorenzo Simonelli earned $15,590,514 in 2018 $GE $BHGE execcomp CorpGov Source:

GE to lose majority control of Baker Hughes with up to $3 billion share sale Ge neral Electric is looking to raise up to $3 billion in sale of majority-owned ... Wow! What does that say about their old plan to go dig into oil and gas equipment



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