GE CEO Larry Culp is raising some $3 billion by selling another chunk of Baker Hughes. The move will require a hefty writedown, but it buys him time to fix GE’s troubled core, writes tombuerkle.
General Electric has commenced a secondary offering of as many as 121 million shares in Baker Hughes, the oil services company said on Sept. 10.
Baker Hughes has also agreed to acquire $250 million worth of its shares from GE at the same price as the secondary offer. GE shares were up 2% at $9.32 at 3:10 p.m. EDT on Sept. 11. Baker Hughes’ stock was down 7% at $22.50. If GE sells the full allotment of Baker Hughes shares at that price, it will raise nearly $3 billion and reduce its stake to less than 39% from just over 50%.
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