A screen displays the logo for Baker Hughes on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 24, 2019. REUTERS/Brendan McDermid

(Reuters) – Baker Hughes (BHGE.N) said on Tuesday it would repurchase $250 million worth of its stock from General Electric Co (GE.N) and the industrial conglomerate’s presence in the oilfield services company’s board would shrink to one from five.

Upon completion of the repurchase, GE would no longer hold more than 50% of voting power on all classes of Baker Hughes’ stock.

Reporting by Debroop Roy in Bengaluru; Editing by Shailesh Kuber



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