GE Cuts Baker Hughes Stake Below 50%

GE will sell more shares in Baker Hughes, which it acquired in 2017, and this will reduce its stake in the oilfield services provider below 50 percent, the company said in a statement. The parent company will offer some 105 million shares to potential buyers with an option for an additional placing of 15.75 million shares. According to Reuters, the sale could fetch as much as $3 billion. At the same time, Baker Hughes will repurchase stock worth some $250 million in a private deal with GE. Bloomberg notes the deal will be painful for GE. Baker…