Home / Market News / Baker Hughes to shed GE from its name after stock offering cuts GE’s voting power below 50%

Baker Hughes to shed GE from its name after stock offering cuts GE’s voting power below 50%

Baker Hughes a GE Co. said Monday it closed a secondary offering of 132.25 million Class A shares by General Electric Co. and certain affiliates at a price of $21.50 a share. The oilfield products song said it also repurchased 11.9 million shares of Class B voting from “one or more” of GE and its affiliates, which means GE now holds less than half of the voting power of the company. Baker Hughes stock jumped 2.2% in morning trading, while GE shares edged up 0.1%. Baker Hughes said the deal reduces the number of individuals GE is entitled to designate to Baker Hughes’ board to one from five. And Baker Hughes plans to change its corporate name to Baker Hughes Co., with the ticker symbol for the Class A shares to change to “BKR.” Baker Hughes stock has gained 4.9% over the past three months, while GE shares have shed 8.6% and the Dow Jones Industrial Average has gained 3.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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