Summary
Baker Hughes Co (BKR) filed an 8-K on September 16, 2019, reporting a significant corporate action undertaken by its majority stockholder, General Electric Company (GE). On September 11, 2019, GE, holding 100% of the Class B common stock and 50.2% of the total outstanding voting securities, executed a written consent to approve an amendment to the company's Certificate of Incorporation. This amendment's primary purpose is to change the company's name from "Baker Hughes, a GE company" to "Baker Hughes Company." This name change signifies a strategic step for Baker Hughes, indicating a move towards greater independence or a rebranding effort separate from its GE association. Investors should note that this action was taken via written consent by the majority stockholder, meaning no broader shareholder vote was required. The company will be filing an Information Statement on Schedule 14C and will mail it to shareholders around September 26, 2019, providing further details.
Key Highlights
- 1Baker Hughes Co (BKR) is changing its name to "Baker Hughes Company" via an amended and restated Certificate of Incorporation.
- 2The name change was approved by General Electric Company (GE) through a written consent on September 11, 2019.
- 3GE, as the majority stockholder, holds 50.2% of the company's outstanding voting securities.
- 4The approval for the name change was solely by GE due to its controlling stake, and no other shareholder vote was necessary.
- 5A preliminary Information Statement on Schedule 14C is being filed and will be mailed to shareholders around September 26, 2019.
- 6The filing indicates a potential strategic shift or rebranding for Baker Hughes, moving away from the "a GE company" designation.
- 7The filing includes the written consent document and various XBRL exhibits.