Baker Hughes Unveils Name, Board Changes Following GE Stock Sale
16 Septembre 2019 - 6:26PM
Dow Jones News
By Colin Kellaher
Baker Hughes, a GE Co. (BHGE) on Monday unveiled changes to its
corporate name and its board after a series of transactions that
dropped General Electric Co.'s (GE) voting power below 50%.
The Houston oilfield-services firm said it will rename itself
Baker Hughes Co. and trade under the symbol BKR, dropping the
construct it adopted with the 2017 merger with GE's oil and gas
unit that left GE with a 62.5% stake.
Baker Hughes said GE has completed a secondary offering of
132.25 million shares, including full exercise by the underwriters
of an overallotment option of 17.25 million shares.
The company also bought back about 11.9 million shares from GE,
which said its stake in Baker Hughes had fallen below 40%.
As a result of the transactions, Baker Hughes said GE is now
entitled to one board designee instead of five. The company said GE
selected John Rice to remain as its designee, and that Jamie Miller
and James Mulva will resign from the board.
Baker Hughes said Lorenzo Simonelli and W. Geoffrey Beattie will
continue as directors, but not as GE designees.
GE has been selling its Baker Hughes stake to both exit the
business and raise cash to pare its debt load, and GE executives
have said they plan to eventually wind down the holdings.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 16, 2019 12:11 ET (16:11 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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