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Per Jeff Ubben @jeffubben and ValueAct Capital’s filing, the fund is planning to have discussions with Baker Hughes ($BHI) management about capital allocation, strategy, etc. But, more importantly, may seek a board seat.
Recall Baker Hughes is looking to merge with Halliburton and that requires divestitures. Look for Ubben to plan on having a say which parts of the company gets divested and to put pressure on getting the deal done sooner rather than later. Ubben’s ValueAct owns 5.3% of Baker Hughes and 4.4% of Halliburton.
Has including ESG become a necessity for investors?
ESG (environmental, social, governance) has become a hot topic in recent years, especially lately with the debate over whether pension funds should be able to factor in ESG when choosing investments. At Morningstar's recent conference, the firm argued that ESG has become a requirement for long-term investors. Q2 2020 hedge fund letters, conferences and more Read More
Baker Hughes shares are trading at a 12.3% discount to the buyout offer.