GE Stake in Baker Hughes to Fall Below 50% With Stock Sale

By Josh Beckerman

General Electric Co.'s (GE) voting stake in Baker Hughes, a GE Company, will fall below 50% after an upcoming stock sale.

Baker Hughes said GE and certain GE entities will sell 105 million Class A shares. Baker Hughes also agreed to buy $250 million of Class B stock from GE and/or its affiliates.

GE's reduced stake means it will have the right to designate only one board member, compared with five now. John G. Rice will be its designee. Meanwhile, Jamie S. Miller and James J. Mulva will submit their resignations to the board's conflicts committee, while Lorenzo Simonelli and W. Geoffrey Beattie are expected to stay on the board but not as GE designees.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 10, 2019 16:49 ET (20:49 GMT)

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