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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 | ContinuedNew Look General Electric Aims to Double its China Business by the Decade’s End
General Electric Co. (GE) expects its business in China to double to $10 billion a year by 2010, as the U.S. industrial giant aims to overcome a sputtering U.S. economy by ramping up its emerging-markets focus.
“We’ve seen great growth in China,” GE Chief Executive Officer Jeffrey R. Immelt told journalists at a recent press conference in Beijing. “The whole focus on water and the environment – well, that’s going to offer, we think, big opportunities for us as time goes on.”
At a time when the U.S. economy has been hamstrung by a severe credit crisis, a burst housing bubble, and energy…
9Sep2008 | Money Morning | Comments Off | ContinuedGE Strengthens Its Commitment to Alternative Energy with a $230 Million Solar Power Investment
General Electric Corp. (GE) is strengthening its commitment to clean energy with a $230 million (150 million euros) investment in Spain’s Fotowatio. The investment, made through GE’s Energy Financial Services unit, will amount to a 32% stake in the solar-energy firm.
“By facilitating the growth of one of the solar industry’s leading developers, this investment gives us immediate access to attractive solar markets in Europe and the United States and will form an important part of GE’s broader strategy to become a major player in solar power,†Alex Urquhart, President and CEO of GE Energy Financial Services, said in a statement. “GE…
4Aug2008 | Money Morning | Comments Off | ContinuedWith its Profits Lagging, GE May Have a Deal in the Oven, Analysts Say
While industry insiders say that General Electric Co. (GE) may be looking to sell or spin-off its home-appliance business unit, the move may actually be the first in a series of divestitures designed to unshackle the Corporate America heavyweight from consumer-driven markets.
The rumored decision to shed the century-old business that makes refrigerators, ovens and dishwashers may signal even bigger divestiture deals before the year ends, as GE Chief Executive Officer Jeffrey R. Immelt continues pursuing his strategy of shifting the huge conglomerate out of economically sensitive sectors. Since Immelt announced that plan in December 2002, GE has cut loose more…
17May2008 | Money Morning | Comments Off | ContinuedFormer Oilman T. Boone Pickens Makes a $2 Billion Bet on Alternative Wind Energy
T. Boone Pickens made his fortune in oil. But now the Dallas oilman and famed former corporate raider is betting $2 billion that he can have the same success with a new source of energy – wind.
Pickens’ Mesa Power LLP yesterday (Thursday) unveiled the first phase of an eventual $10 billion alternative energy project that has the potential to become the world’s largest wind farm.
“You find an oilfield, it peaks and starts declining, and you’ve got to find another one to replace it,” Pickens, who once operated one of the largest independent oil-and-gas production companies in the country, said of…
16May2008 | Money Morning | Comments Off | ContinuedGeneral Electric Earnings: The worst is yet to come
You do not think the credit crisis is over just like that? A few weeks of ups and downs, some presses releases, and some rule changes and the economy is fixed. Get real. This mess is just getting started.
For proof, just take a look at one of the nation’s strongest bellwethers, General Electric. To say its earnings announcement this morning was disappointing is an understatement. It is a disaster. When a company with as much economic breadth as GE takes such a surprising hit, it becomes obvious this crisis is impacting more than a handful of banks with shoddy loan…
11Apr2008 | Guest Contributor | Comments Off | Continued
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