Baker Hughes, the oil and gas company, began its life as a partner of GE on Wednesday.
The previously announced partnership combines GE’s oil and gas business with Baker Hughes and enters the two companies in a partnership, which will now trade under the ticker “BHGE.”
GE owns 62.5% of the new company, and Baker Hughes and its shareholders will own 37.5%. All shares traded under the previous ticker , “BHI,” were converted to BHGE shares, with a one-time dividend payment of $US17.50 per share, according to a report from Bloomberg.
“No other company brings together capabilities across the full value chain of oil and gas activities — from upstream to midstream to downstream,” a press release from GE said.
Baker Hughes closed its last day of trading under the old ticker at $US57.57 on Monday. The new ticker, BHGE, opened for its first day of trading after the July 4 holiday at $US40.80, 29.13% lower than Monday’s close, because of the special dividend.
Shares of BHGE have continued to fall on Wednesday, and are trading down 5.9% from their opening price.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.