The San Francisco hedge fund, well known for muscling its way into companies and taking actions to boost stock prices, has since increased its stake in Baker Hughes to 5.3 percent and outlined a possible strategy for bumping the company’s stock value higher.
Halliburton laid out a plan in the memo to “flatten” its North American business by eliminating multiple layers of management — a decision that will undoubtedly affect Houston-area employees where the company is headquartered.
The Switzerland-based company, which is operated out of Houston, said it plans to raise the money through a combination of debt and stock offerings. Weatherford said it will use the proceeds to fund potential acquisitions and for “general corporate purposes.”
After making two multi-billion purchases in recent years, Siemens has no plans to make any further acquisitions, even as falling oil prices create a prime opportunity for buying and selling, a company executive said Tuesday.
Amid industry-wide cost-cutting and diminished profits, oil companies remain interested in spending money on new technologies aimed at making drilling smarter and more efficient, Halliburton executives said at an industry conference this week.
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