Sunday 20 October 2019

GE surges on $4bn plan to cut Baker Hughes stake

General Electric ceo Larry Culp
General Electric ceo Larry Culp

David Wethe

GENERAL ELECTRIC jumped the most in six weeks as CEO Larry Culp accelerated plans to pare the company's stake in Baker Hughes with a deal that would raise almost $4bn (€3.54bn) at current prices.

GE will sell as many as 166.2 million shares in the oilfield-services provider through a secondary offering and a stock repurchase by Baker Hughes, the companies said. GE will retain about half of the Houston-based company. Mr Culp's decision punctuates the pivot away from oilfield businesses.

Bloomberg

Irish Independent

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