Baker Hughes is falling in its first day trading under a new ticker
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 $17.50 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 $57.57 on Monday. The new ticker, BHGE, opened for its first day of trading after the July 4 holiday at $40.80, 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.
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