Oct
31
GE Creates $32 Billion Oil-Services Giant With Baker Hughes Deal
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Transaction expands offerings as slump in crude price endures
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Immelt says diversified portfolio will help weather cycles
General Electric Co. is creating a $32 billion oil business by combining its petroleum-related operations with Baker Hughes Inc., betting on a rebound for an industry mired by a historic slump in crude prices.
The new company will be one of the industry’s largest players, bringing together a portfolio of capabilities spanning oilfield services, equipment manufacturing and technology. GE will own 62.5 percent of the merged entity, which will be publicly traded, the companies said Monday. The deal is expected to close in the middle of next year…
GE Creates $32 Billion Oil-Services Giant With Baker Hughes Deal
