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Baker Hughes Ends Chapter Monday in Last Trading Day on NYSE

When markets close Monday, July 3, Baker Hughes (BHI) , one of the world's largest oilfield services and equipment companies will cease trading on the NYSE under the ticker symbol BHI -- a symbol it has held since 1987.

On Friday, June 30, the company's shareholders voted to approve its merger with General Electric's (GE) oil and gas unit, marking the final step in the merger's lengthy closing process. And on Wednesday, July 5, the newly combined Baker Hughes and GE Oil & Gas will trade under the symbol BHGE.

Under the terms of the $7.4 billion deal, which was announced in October, current Baker Hughes shareholders will own 37.5% of the new company, while GE will own 62.5%.

Monday marks an end of a major chapter for Baker Hughes, which was formed in 1987 with the merger of Baker International Corp. and Hughes Tool Co. Both Baker International and Hughes Tool were founded more than 100 years ago.

In 1907, Reuben C. "Carl" Baker developed a casing shoe -- a device to ensure the uninterrupted flow of oil through a well -- that modernized cable tool drilling, while in 1909, Howard R. Hughes Sr. introduced the first roller cutter bit that dramatically improved the rotary drilling process, according to Baker Hughes' website.

Hughes Sr. formed Sharp-Hughes Tool Company with longtime business partner Walter Benona Sharp to manufacture and market the bit. Following her husband's death in 1912, Sharp's widow Estelle Sharp...


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