GE plans to shed its stake in Baker Hughes

General Electric on Tuesday it will spin off its health-care business and divest its stake in oil-services company Baker Hughes, leaving the once-sprawling conglomerate focused on jet engines, power plants, and renewable energy.

The changes aim to reward battered shareholders and strengthen GE’s balance sheet by reducing debt, building up cash and further shrinking GE Capital, GE said. Shareholders will receive 80 percent of the value of GE Healthcare as a tax-free distribution, GE said.

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