October 30, 2018 / 1:57 PM / 16 days ago

Baker Hughes to halt buybacks, awaits GE plans

Traders work at the post where Baker Hughes is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 2, 2016. REUTERS/Brendan McDermid

(Reuters) - GE’s Baker Hughes (BHGE.N) has halted its share buyback program as it awaits more clarity from parent General Electric (GE.N) about its plans as the U.S. conglomerate embarks on more organizational and financial changes.

“We decided not to continue with our buyback in the third quarter and to wait until we have more clarity in GE’s next step before we resume our buyback activity,” said Baker Hughes Chief Financial Officer Brian Worrell in a call with analysts on Tuesday.

Reporting by John Benny in Bengaluru

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