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GE, Abu Dhabi Announce $8B JV — Reuters

General Electric shares may have short circuited after the company’s surprising earnings miss earlier this year. HOWEVER, Mr. Immelt clearly has his eyes set on high growth and Abu Dhabi’s investment arm is showing unequivocal support of its partner in declaring its intention to become a top-10 shareholder.

clipped from biz.yahoo.com The move reflects GE’s strategy of shifting its financial operations away from volatile segments such as those influenced by U.S. consumer spending toward areas that provide higher growth. The companies said Mubadala “plans over time” to become one of GE’s 10-largest shareholders by acquiring shares in the open market. “It makes a lot of sense for us to become shareholders in GE,” said Mubadala CEO Khaldoon Al Mubarak. “We like the company. We think that under Jeff’s management this is an institution that has done extremely well.”Al Mubarak said Mubadala currently has no stake in GE. He declined to specify a timeframe for his company’s targeted top-10 investor position. GE, Abu Dhabi firm in $8 billion joint venture Conglomerate General Electric Co (NYSE:GE – News) and Abu Dhabi investment agency Mubadala Development Co said on Tuesday they have entered into an $8 billion joint venture with an initial focus on providing commercial finance in the Middle East and Africa.