ValueAct buys 5.1 percent stake in Baker Hughes

By Reuters

Jan 18, 2015 06:05 AM EST

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.

© 2023 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics