Baker Hughes plans share repurchase

HOUSTON, November 6, 2017 – The board of directors of GE’s Baker Hughes (BHGE) has authorised the repurchase of USD 3 billion of shares, the company announced on Monday.

“At the current share price, this repurchase represents approximately 8% of the company’s outstanding shares,” said the company’s chairman and CEO, Lorenzo Simonelli, in a statement. “We are pleased that BHGE’s strong balance sheet enables us to not only return value to shareholders through our regular quarterly dividend and share repurchases, but also invest in opportunities that will strengthen our fullstream portfolio and drive long-term growth.”

BHGE also intends to issue new debt. 

“The repurchases will not materially change BHGE and GE’s relative economic interests in BHGE LLC or BHGE’s Class A and Class B stockholders’ relative voting interest,” the press release added.

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