GE raised nearly $1 billion through sale of Baker Hughes stock

SourceCNBC
SectorFinancial Markets
CountryGulf

General Electric Co. disclosed Friday that it sold off more of the Baker Hughes Co. shares it owned, and likely raised nearly $1 billion.

In a filing with the Securities and Exchange Commission, the industrial conglomerate said it owned 267,745,937 shares of Baker Hughes
BKR, +0.05%,
representing 25.7% of the oilfield products and services company’s shares outstanding.

That compares with a filing on Jan.

25 that showed GE owned 311,432,660 Baker Hughes shares, or a 30.1% stake.Based on a volume-weighted average closing price (VWAP) of Baker Hughes stock from Jan. 25 through April 29 of $22.11, according to a MarketWatch calculation of FactSet data, the 43,685,723 Baker Hughes shares sold would have raised about $965.92 million.GE’s stock
GE, +0.19%
slipped 0.8% in premarket trading Friday. It has lost 2.7% over the past...read more...