As originally posted by Reuters, and since republished around the web, GE previously said that it was considering selling its Baker Hughes stake. GE has now revised their position and affirmed that they are no longer planning on selling their holdings in the oilfield services sector.
The market reacted strongly to this news, with shares of Baker Hughes, a General Electric company, rising sharply this week from $25.98 to as high as $28.46 at one point.
The timing of this announcement was critical, as GE is nearing a two-year lockup period that was part of the merger agreement.
“Given today’s valuation levels, we see a lot of upside there. We like the macro trends. At this point in time, we have no intent to change anything or execute prior to the expiration of any of the lockup periods,” Jamie Miller, GE’s finance chief was quoted at Barclay’s conference in Miami.
https://www.cnbc.com/2018/02/21/general-electric-affirms-commitment-to-baker-hughes-shares-jump.html
