The industrial conglomerate has lost $100 billion in market value this year as investors came to terms with the dawning reality that GE’s businesses don’t generate enough cash to support its rich dividend.
AkzoNobel successfully rebuffed an unsolicited $29 billion buyout offer this year, coming under intense shareholder pressure in the process from activist investor Elliott Management Corp., which had pushed for tie-up talks.
General Motors has cut annual costs by more than $5 billion since the beginning of 2014, keeping profits up even as production and sales are down. The company also took $5.4 billion in charges related to the sale of Opel and Vauxhall.
General Electric reported that adjusted profit decreased to 29 cents a share for the third quarter, falling well short of the 50-cent average of analysts’ estimates — the first time GE has missed estimates by more than half a cent in nine years.