Thursday, June 1, 2017

USA: General Electric Set to Takeover Baker Hughes

European Union clears way for GE, Baker Hughes merger (Oilpro)

The European Union Commission cleared General Electric's purchase of Baker Hughes without conditions Wednesday. It determined that the merger of the two U.S. companies would do no harm to competition in European markets for various products where both were active.

The European Commission’s decision sets the table for the nearly $32 billion deal to close as soon as early July. All that remains to finalize the deal is a decision by the U.S. Justice Department and a vote by Baker Hughes shareholders slated for June 30.

The combination of Baker Hughes and GE Oil & Gas will create the world’s second-largest energy services company. The company will be called Baker Hughes, a GE company. The deal will leave GE with 62.5 percent of the combined Baker Hughes.

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