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BRIEF-GE Announces $2.7 bln In Net Proceeds From Reduction Of Its Ownership In Baker Hughes

In Baker Hughes@

Sept 11 (Reuters) - GE:

* ANNOUNCES $2.7 BILLION IN NET PROCEEDS FROM REDUCTION OF ITS OWNERSHIP IN BAKER HUGHES, A GE COMPANY, TO APPROXIMATELY 38.4%

* ANNOUNCED REDUCTION OF ITS OWNERSHIP IN BAKER HUGHES, A GE COMPANY THROUGH A PUBLIC OFFERING

* OFFERING OF 115 MILLION SHARES UPSIZED AND PRICED AT A PRICE TO PUBLIC OF $21.50 PER SHARE

* IS SELLING TO BHGE, IN A PRIVATELY NEGOTIATED TRANSACTION, $250 MILLION OF SHARES OF BHGE CLASS B COMMON STOCK, PAR VALUE $0.0001 PER SHARE

* UPON COMPLETION OF TRANSACTIONS, GE AND ITS AFFILIATES WILL HOLD ABOUT 38.4% OF BHGE'S OUTSTANDING VOTING STOCK

* GE- GE WILL NO LONGER HAVE CONTROLLING INTEREST IN BHGE, EXPECTS TO CONTINUE TO DIVEST REMAINDER OF ITS BHGE HOLDINGS IN AN ORDERLY FASHION OVER TIME

* UPON CLOSE OF TRANSACTION, GE WILL REDUCE NUMBER OF ITS REPRESENTATIVES ON BHGE'S BOARD OF DIRECTORS FROM FIVE TO ONE

* JOHN G. RICE IS EXPECTED TO REMAIN ON BHGE'S BOARD OF DIRECTORS AS GE'S REPRESENTATIVE Source text for Eikon: Further company coverage: