London, UK | – Shares in GE surged on Tuesday following the announcement that the company would divest its stake in Baker Hughes, international media reported.
The sale would likely take place gradually over a period of two to three years, Bloomberg reported. Baker Hughes, which attempted a merger with Halliburton that failed prior to its acquisition by GE a year ago, would presumably struggle on on its own, the report added.
“Today marks an important milestone in GE’s history,” John Flannery, GE’s CEO, said in a statement cited by CNBC. “We are aggressively driving forward as an aviation, power and renewable energy company – three highly complementary businesses poised for future growth. We will continue to improve our operations and balance sheet as we make GE simpler and stronger.”
