Baker Hughes says GE’s presence on its board to shrink By Reuters

(Reuters) – Baker Hughes (N:) said on Tuesday it would repurchase $250 million worth of its stock from General Electric Co (N:) and the industrial conglomerate’s presence in the oilfield services company’s board would shrink to one from five.

Upon completion of the repurchase, GE would no longer hold more than 50% of voting power on all classes of Baker Hughes’ stock.

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