[ad_1]
The US conglomerate, which will lose majority control to Baker Hughes, has announced that it will increase this amount through a public offering of 115 million Baker Hughes Class A shares at a price of $ 21.50. $ each and a private sale of 250 million Baker Hughes Class B shares to the oil services provider.
"The combined net proceeds of the offering and the redemption will rise to approximately $ 2.7 billion or approximately $ 3.0 billion assuming the underwriters fully exercise their option to purchase additional shares. as part of the placement, "GE said in a statement.
General Electric said it hoped to continue to sell the rest of its stake in Baker Hughes over time.
In a separate statement, Baker Hughes said he expects that the public offering of his Class A shares will be closed on September 16 and that subscribers have 30 days to buy up to 17 , 25 million additional shares from the sellers shareholders.
The number of GE members on the Baker Hughes board will be reduced from five to one, but John Rice is expected to sit on the board, companies said.
GE had long been planning to sell its stake in Baker Hughes.
But the problem was examined last month when Harry Markopolos, Madoff's whistleblower, issued a lengthy report alleging in part that GE was incorrectly counting Baker Hughes' income, capital and liquidities in his financial statements. . GE maintained that its accounting was appropriate.
(Report by Kanishka Singh in Bengaluru, edited by Christopher Cushing)
[ad_2]
Source link