Baker Hughes, an American oilfield service provider, bought 11.9 million shares
BHGE, the US oil field service provider, announced that General Electric (GE) had completed the placement of 1322.5 million shares of Baker Hughes A shares at a price of $21.5 per share. Meanwhile, Baker Hughes bought 11.9 million shares of Class B shares from General Electric and related companies. After completing the transaction, GE holds less than 50% of the total voting rights in Baker Hughes'shares. Under the agreed arrangement, the company name of Baker Hughes Company will be changed from GE to Baker Hughes Company. In October 2016, GE stripped off its oil and gas business, merged with Baker Hughes to form a new joint venture company, BHGE, and became a subsidiary of GE.
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