Weather New York, NY +78°F


ValueAct buys 5.1 percent stake in Baker Hughes

(Credit: Reuters) Shaybah oilfield complex is seen at night in the Rub' al-Khali desert, Saudi Arabia, November 14, 2007.Oilfield
January 18
6:05 AM 2015

Activist hedge fund ValueAct Capital disclosed a 5.1 percent stake in Baker Hughes Inc (BHI.N), the world's No. 3 oilfield services company that has agreed to be bought by bigger rival Halliburton Co (HAL.N) for $35 billion in cash and stock.

ValueAct is now the third-largest shareholder in Houston-based Baker Hughes.

ValueAct, whose other investments include acquisitive drugmaker Valeant Pharmaceuticals Inc (VRX.TO) (VRX.N) and fertilizer dealer Agrium Inc (AGU.TO), did not disclose in the regulatory filing any steps it wants Baker Hughes to take.)

The world's No.1 oilfield services company Schlumberger Ltd (SLB.N) and oil and gas majors such as BP Plc (BP.L) have cut jobs and lowered 2015 budgets due to a 60 percent drop in oil prices.

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics