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The Wall Street Journal: GE to spin off health care business, unload Baker Hughes

General Electric Co. GE, -2.30% plans to spin off its health-care business and unload its ownership in oil-services company Baker Hughes BHGE, -0.86% , people familiar with the matter said, betting that the once-sprawling conglomerate can reverse a painful slump by further shrinking.

The moves are the conclusion of a yearlong strategic review by CEO John Flannery that has been tumultuous for GE employees and investors. The onetime industrial bellwether has slashed its dividend and has already set plans to shed numerous businesses. Its shares have tumbled by half in the past year, erasing more than $100 billion in wealth.

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