ValueAct Capital Reduces Baker Hughes Stake ~ market folly

Monday, October 3, 2016

ValueAct Capital Reduces Baker Hughes Stake

Jeff Ubben's activist firm ValueAct Capital has filed an amended 13D with the SEC regarding its stake in Baker Hughes (BHI).  Per the filing, ValueAct now owns 7% of BHI with over 29.88 million shares.

This is down from the 38.88 million shares they owned at the end of the second quarter.  The filing indicates they sold shares in early August and at the very end of September.  Most of the transactions were at weighted average prices between $49.60 and $50.71.

Ubben's firm has been busy lately and we've highlighted how ValueAct recently filed 13D's on Trinity Industries and CBRE Group as well.

Per Google Finance, Baker Hughes is "engaged in the oilfield services industry. The Company is a supplier of oilfield services, products, technology and systems used in the oil and natural gas industry around the world. The Company also provides industrial products and services for other businesses, including downstream chemicals, and process and pipeline services. It conducts its operations through its subsidiaries, affiliates, ventures and alliances. The Company has four geographical operating segments: North America, Latin America, Europe/Africa/Russia Caspian and Middle East/Asia Pacific. The Company also has an Industrial Services segment, which includes the downstream chemicals business and the process and pipeline services business. The Company's oilfield products and services are of approximately two categories, Drilling and Evaluation or Completion and Production. The Company's Industrial Services consists of its downstream chemicals and process, and pipeline services businesses."

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