Daily Management Review

General Electric cuts its stake in Baker Hughes


US diversified technology group General Electric Co. (GE) has reduced its stake in US oilfield services company Baker Hughes.

The company sold shares for nearly $1 billion, according to the US Securities and Exchange Commission (SEC).

The report said GE's stake in Baker Hughes was 25.7% as of 29 April.

The company has now sold the stake at $22.23 per security, for a total of about $1 billion.

General Electric is a global diversified company that operates in infrastructure projects, finance and media.

Baker Hughes is an American oilfield services company with operations in more than 120 countries. It employs 58,000 people. The firm also presents weekly data on changes in the number of active rigs in the U.S. and Canada since 1944. Since 1975, the service company also publishes monthly data on the number of rigs around the world.

source: bloomberg.com