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Non-Tech : General Electric (GE)

GE 307.27

+0.7%

Nov 7 3:59 PM EST

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To: Bonefish who wrote (2952)	11/13/2018 3:50:44 PM
From: JakeStraw	Read Replies (3) of 3256

Bonefish, Actually it appears to be in reaction to this news - General Electric will reduce its stake in Baker Hughes to a slight majority position, the company announced Tuesday, bringing in much-needed cash for the embattled industrial conglomerate. The sale of Baker Hughes stock will bring GE's stake to just over 50 percent in the oil field services company, down from 62.5 percent. With up to 166 million shares in the offering, the full sale would see GE get about $4 billion in cash in the fourth quarter if executed near Baker Hughes' latest stock price of about $24 a share. "The agreements announced today accelerate that plan in a manner that mutually benefits both companies and their shareholders," GE chairman and CEO Larry Culp said in a statement. cnbc.com

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