Already worth 30% less than when GE took the major percentage in BH we now look why anyone will buy out the 63% share.
After another 70 million dollar loss the company's books are in a terrible position to be put up for sale unless slashing costs, staff and pensions futher.
So much for the "fullstream" vision.
No frac services means losing market share in America. Unprofitable contracts in the north sea damage share holder value. Lack of presence in Asia.
Globally, the company is f---ed. Time to separate services from manufacturing and sell what's left.
Share price is down 30%. Pension is worth 38% less. Chinese will buy BH and slash jobs and pay. Get ready for big cuts and heading down the toilet. Baker are losers every time.
Well it looks like the old folks from BJS who these Baker managers thought were worthless are finding the day has come for them to go. BHI is a total failure with this management team . Managers up must go. If they don,t get rid of them the company will continue to fail .
There will be a buyer for BHGE shares. No doubt the name will have to change to avoid trademark infringement. I recommend we all start learning Mandarin. And yes a lot of management will suffer.
my word, so greatful to hear this news. perhaps GE can improve its current position. huzzah ! huzzah !
From Reuters only a portion of the article:
DJIA: 24,283.11 +30.31 (0.12%) | NASDAQ: 7,561.627 +29.621 (0.39%) | S&P 500: 2,723.06 +5.99 (0.22%) —Markets closed
The culture clash behind GE's quick exit from Baker Hughes stake
BY Reuters
— 6:02 PM ET 06/26/2018
By Liz Hampton
HOUSTON (Reuters) - When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue.
GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools.
Less than a year later, GE is bailing out of the deal, the firm announced Tuesday, planning to sell its 63 percent stake in the combined firm over time as part of a larger move to simplify its business and reduce debt.
The retreat comes amid slipping market share, management missteps and culture clashes that have unsettled employees and frustrated suppliers and customers, according to data reviewed by Reuters and interviews with more than 30 employees, former employees, recruiters, analysts, suppliers and customers.
GE managers initially took 11 of the combined firm's top 15 posts and ushered in a by-the-book culture more like its aviation business than that of oil industry, where relationships are more prized and handshake deals are still common, said people who have had dealings with both.
Huge diamond in the rough
Great management team and now GE is going those guys will make it happen for the shareholders
If it's broken up into parts most people will be paid off as has happend many many times before with oil companys.
When I worked for large oil company in the last big down turn we were promised no redandcys as soon as we were split up it started and by the time the deals went though 70% had lost jobs from our side and less than 5% from the buying company so make the most of the next year or so looking for a new job.
Baker is a loss maker with bad management. Nobody wants to buy this mess.
"There will be many bidders fighting to scoop up Baker"
The question will be in whole or in parts? Most likely in parts and hopefully GE management will dictate which parts must go individually to each high bidder.
It's easy winning contracts you just price low it's keeping up the contract with no staff, poor planning, very poor tools and equipment and TERRIBLE managers.
BHGE has lost way more contacts than won in the last 4 years and why 60% of the company has been paid off.
What does this mean for current GE Baker Hughes Oil and Gas employees?
Us at Aberdeen clubbed together an bought a share back in 2008. Gives us extra motivation and we dinnae feel so bad when go through one of those pork belly thingamebobs because whatever happens we own part of this great company if oors.
Serious Investors are not gonna throw there money away on managers who lack management basic skills and don’t know there business.
Sketchy buy at best, and only if you have a long term plan because this is a pig.
There will be many bidders fighting to scoop up Baker
Share price should do well now
Great time to buy
Fake news. Reality is BH is going down the toilet because
Time to buy
They are winning new massive contracts at a fantastic rate outperforming SLB so share price is a bargain right now.
Strong Buy