General Electric (GE) – Get Report disclosed in a Securities and Exchange Commission filing Friday that its share of Baker Hughes stock has dropped to 25.7%, or 267.75 million shares, from 30.1%, or 311.43 million shares, at the end of January.
That could mean GE garnered almost $1 billion for the shares it sold during the period.
Using data from FactSet, MarketWatch tabulated that based on a volume-weighted average closing price of Baker Hughes stock from Jan. 25 through April 29 of $22.11, the 43.69 million Baker Hughes shares GE sold would have brought it $965.92 million.
General Electric shares traded Thursday at $13.13, down 0.61%, close to the S&P 500’s 0.68% dip. Baker Hughes recently traded at $20.24, down 1.44%, as oil prices dropped Friday.
GE, beset by financial woes in recent years, said last July that it would “fully monetize” its Baker Hughes stake during the next three years.
It then owned 36.5% of the company.
General Electric’s ownership stake of Baker Hughes now...read more...