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