September 10, 2019 / 8:33 PM / a month ago

Baker Hughes says GE's presence on its board to shrink

Sept 10 (Reuters) - Baker Hughes said on Tuesday it would repurchase $250 million worth of its stock from General Electric Co and the industrial conglomerate’s presence in the oilfield services company’s board would shrink to one from five.

Upon completion of the repurchase, GE would no longer hold more than 50% of voting power on all classes of Baker Hughes’ stock. (Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber)

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