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BHGE Renames Baker Hughes Company

Gasoil News - Published on Wed, 18 Sep 2019

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Baker Hughes, a GE company announced the closing of a secondary offering of 132.25 million shares of BHGE Class A common stock, par value USD 0.0001 per share at a price to the public of USD 21.50 per share. This closing includes the underwriters’ exercise of their option in full, purchasing an additional 17.25 million shares of Class A common stock from the selling stockholders. BHGE intends to change its corporate name to Baker Hughes Company, known as Baker Hughes.

As a result of this offering, GE and its affiliates ceased to hold more than 50% of the voting power of all classes of BHGE’s voting stock. Among other things, this reduced the number of individuals who GE is entitled to designate to BHGE’s board of directors from five to one. GE has informed the company that it has selected John G. Rice to remain on the BHGE board of directors as its designee and that Jamie S. Miller and James J. Mulva will submit their resignations to the Conflicts Committee of the company’s board of directors. Lorenzo Simonelli and W. Geoffrey Beattie will continue to serve on the company’s board of directors but not as GE designees.

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Posted By : Rabi Wangkhem on Wed, 18 Sep 2019
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