(Reuters) - General Electric Co <GE.N> on Wednesday said it plans to reduce its ownership in oil and gas company Baker Hughes A GE Co <BHGE.N> to 38.4% from 50.4% at June-end, and aims to raise $2.7 billion in the process.
The U.S. conglomerate, which will lose majority control of Baker Hughes, said it would raise the amount through a public offering of 115 million Baker Hughes Class A shares priced at $21.50 each, and through a private sale of $250 million Class B Baker Hughes shares to the oilfield services provider.
"Combined net proceeds of the offering and the repurchase will be approximately $2.7 billion, or approximately $3.0 billion assuming full exercise of the underwriters' option to purchase additional shares in the offering," GE said in a statement.
(Reporting by Kanishka Singh in Bengaluru; Editing by Christopher Cushing)
