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
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
slipped 0.8% in premarket trading Friday. It has lost 2.7% over the past...read more...