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General Electric to Raise “At Least” $15 Billion Via Stock Sale, Investment From Warren Buffett’s Berkshire Hathaway
General Electric Co. (GE) said yesterday (Wednesday) that it will sell "at least" $12 billion in common shares to investors, and another $3 billion in preferred stock to Warren Buffett’s Berkshire Hathaway Inc. (BRK.A, BRK.B), making GE the latest U.S. giant that’s been forced to raise capital in recent weeks.
The moves come as the conglomerate – whose GE Capital finance arm generates nearly half the company’s revenue – has effectively seen itself reclassified as a financial-sector stock because of investor worries concerning GE’s financing businesses. As a result, GE shares have been pounded.
Until last week, however, GE leaders had repeatedly maintained the…
2Oct2008 | Money Morning | Comments Off | Continued
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