General Electric Co (GE.N) Chief Executive Jeff Immelt wants to reduce the largest U.S. conglomerate's share count to the level it was before he sold new shares to raise cash during the financial crisis. "I want to reduce the float," Immelt told an investor conference in Florida. "Over the next few years I'd like to get the float back down to where it was pre the offering in 2008." In October 2008, GE sold $15 billion worth of new shares, including $3 billion in preferred shares to Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and 548 million new common shares, to shore up its balance sheet. The current free float for the world's largest maker of jet engines and electric turbines is 10.6 billion shares, according to Thomson Reuters data.
General Electric Company (GE) is a technology and financial services corporation. Shares of GE traded higher by 0.46% or $0.09/share to $19.68. In the past year, the shares have traded as low as $13.75 and as high as $21.65. On average, 55625500 shares of GE exchange hands on a given day and today's volume is recorded at 19499608.
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