An affiliate of GE-controlled Baker Hughes (BHGE) is to pursue a share buyback programme worth up to $3 billion after being handed board approval.
BHGE LLC will repurchase common units from BHGE and parent GE, with proceeds from the sale of the BHGE LLC units used to repurchase Class A shares.
BHGE, formed through the merger of Baker Hughes and GE Oil & Gas, also announced this week its intention to issue new debt.
