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Baker Hughes bids goodbye to GE from company name, ticker

Sep. 16, 2019 6:34 PM ETBaker Hughes Company (BKR) Stock, GE StockGE, BKRBy: Carl Surran, SA News Editor32 Comments
  • Baker Hughes GE (NYSE:BHGE) will soon shed references to GE in its corporate name and stock ticker, saying it plans to become Baker Hughes Co. with a BKR symbol, as General Electric (NYSE:GE) says it closed the sale of its interests in the company.
  • GE amassed ~$3B in net proceeds from its secondary offering of 132.25M class A BHGE shares after underwriters fully exercised their options, which triggered the close of BHGE's repurchase of 11.87M shares of its own Class B stock from GE for a total of $250M; together, the deals mean GE's voting power over BHGE fell to 36.8%.
  • The deal cuts the number of individuals GE may designate to BHGE's board to one from five; John Rice will stay as GE's representative, while GE appointees Jamie Miller and James Mulva resigned from the board.

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