UPDATE 2-General Electric affirms commitment to Baker Hughes, shares rise [Reuters]
GE Aerospace (GE)
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Source: Reuters
General Electric affirms commitment to Baker Hughes, shares rise | Reuters 3 Min Read HOUSTON (Reuters) - Shares of General Electric Co’s Baker Hughes ( BHGE.N ) rose on Wednesday after the parent company said it would not shed its holdings in the oilfield services business before the expiration of a two-year lockup period, reversing an earlier stance that had cast uncertainty around the stock. General Electric ( GE.N ) last November said it was considering shedding its Baker Hughes holdings to refocus its business and boost cash flows. The announcement came just months after the conglomerate had purchased a 63 percent stake in the firm under a deal that combined its oil and gas services and equipment business with Baker Hughes to create the second largest oilfield services firm by revenue. A recent move in oil prices CLc1 to above $60 a barrel and the relative low valuation of Baker Hughes stock had some investors questioning whether General Electric would spin off the company be
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