General Electric Co will shed most of its finance unit and return as much as $90 billion to shareholders as it becomes a “simpler” industrial business instead of an unwieldy hybrid of banking and manufacturing. The company on Friday outlined a restructuring plan that includes buying back up to $50 billion of its shares, selling about $30 billion in real estate assets over the next two years and divesting more GE Capital operations. "The stock has been under-owned by institutional investors, and that's going to change now," said Tom Donino, co-head of equity trading at First New York Securities. The repurchase program, which will be partly funded by $35 billion through money returned from GE Capital, is the second-biggest in history after Apple Inc's $90 billion plan.
via Health News Headlines - Yahoo News http://ift.tt/1HYq7vu
No comments:
Post a Comment