General Electric affirms commitment to Baker Hughes, shares jump


HOUSTON (Reuters) – General Electric Co (GE.N) on Wednesday said it had no plans to exit its investment in oilfield services firm Baker Hughes, A GE Company (BHGE.N), before a two-year lockup period.

“Given today’s valuation levels, we see a lot of upside there. We like the macro trends. At this point in time, we have no intent to change anything or execute prior the expiration of any of the lockup periods,” Jamie Miller, chief financial officer for General Electric, said at a Barclays industrial conference.

Shares of GE’s Baker Hughes (BHGE.N) rose as much as 5 percent following the comments and last traded up 3.7 percent at $27.44.

Reporting by Liz Hampton, editing by G Crosse

Our Standards:The Thomson Reuters Trust Principles.

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