Today General Electric announced its plans to completely divest from oil services giant Baker Hughes BHI -0.4% by selling its remaining 377 million shares over three years. At current prices, the 37% stake is worth $5.5 billion — down significantly in the past year as shares in both companies have slumped nearly 40% ytd.
With the oil industry in depression, Baker’s second quarter revenue was down 21% over last year, with a loss of 31 cents per share. G.E. GE -4.4% meanwhile reported today a loss of 15 cents, with revenue down 38% to $17.8 billion.