Oilfield services firm Baker Hughes is one step closer to independence from parent company GE with the recent launch of a stock repurchase.
Under the plan, GE will sell off 105 million shares of class A stock in Baker Hughes, with an option to sell up to 15.75 million more. At the same time, Baker Hughes will repurchase $250 million in shares of its class B common stock in a privately negotiated transaction.
