Baker Hughes stockholders voted 99% to approve its merger with GE Oil & Gas, the company announced today (30 June). The company says that shares voted at the meeting represent approximately 86% of Baker Hughes' shares outstanding as of the record date for the meeting.
The news comes two weeks after the US Department of Justice gave its approval for the merger. Baker Hughes expects to close the deal with GE Oil & Gas on Monday, 3 July, after filing the results of the meeting with the US Securities and Exchange Commission. The new company will be traded on the New York Stock Exchange under the symbol “BHGE.”
"Today's results are an important milestone in our efforts to build the leading oil and gas fullstream company, uniquely positioned to achieve the productivity gains the industry needs,” said Martin Craighead, chairman and CEO of Baker Hughes. Craighead will have a role in the new combined company, serving as vice chairman of the board.
Baker Hughes announced a new leadership team for the combined company, with GE Oil & Gas President and CEO Lorenzo Simonelli, taking the reins of the new company and serving in the same roles.
"In just eight months, our teams have worked around the clock to create a new company that will deliver a differentiated offering for our customers, incredible opportunities for our combined employees and value creation for shareholders,” Simonelli said today.
Baker Hughes and GE Oil & Gas agreed to merge on 31 October. The merger had a more positive outcome than the previous proposed merger between Baker Hughes and Halliburton, which ultimately dissolved in May 2016 and ended with Halliburton paying Baker Hughes $3.5 billion for terminating the agreement.
Image: Lorenzo Simonelli, Photo from GE Oil & Gas.