BHGE Stock Sinking as General Electric Sells Off 50% Stake

BHGE stock

BHGE stock is down 7% today as its parent company, General Electric (NYSE:GE), sells off its majority stake in the oil field services company.

Baker Hughes (NYSE:BHGE), a General Electric Company, was merged with the struggling oil and gas division of General Electric in 2017 to create a new public firm, of which GE owned a 62.5% stake. However, the market was unreceptive of the merger, and BGHE shares have since declined more than 55%. GE has been planning to exit the merger for some time, having sold $4 billion USD worth of shares last year, ...

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