The future of Houston’s Baker Hughes is again in doubt now that financially struggling General Electric is considering selling its majority stake in the energy services giant.
Baker Hughes just completed its merger into the GE family in July, but now Boston-based GE is under new leadership and going through its worst financial performance in almost a decade. A GE strategic review this week indicated it is seeking possible exit options for Baker Hughes with new GE CEO John Flannery using the phrase “exit optionality.”
GE shocked Wall Street early this week when it decided to slash in half its dividend payout to investors, triggering its worst single-day stock performance since 2009.
Baker Hughes carries a Wall Street value of more than $35 billion, ranking it just behind Halliburton.
This first appeared on the Houston Chronicle – an Energy Voice content partner. For more click here.
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