GE merges oilfield unit with Baker Hughes

AFP, NEW YORK: General Electric announced yesterday the merger of its oilfield unit with Baker Hughes, betting the combined company will be better positioned for the industry’s rebound after the crude price crash.
GE will inject its huge oil and gas operations into Baker Hughes and take a 62.5 per cent ownership of the combined company, which will retain the Baker Hughes brand name. 
Baker shareholders will hold the rest of the company, and will also receive a special $17.50 per share dividend, a payout by GE to consummate the deal totaling $7.4 billion.
The two companies have about $32 billion in revenues and operations in 120 countries. Directors of both have approved the deal, which now needs approval by shareholders. Baker Hughes brings to the deal a century of experience in support for oil and gas drillers, but has been hard hit by the pullback in exploration activity since the oil price crash in 2014.

GE merges oilfield unit with Baker Hughes

AFP, NEW YORK: General Electric announced yesterday the merger of its oilfield unit with Baker Hughes, betting the combined company will be better positioned for the industrys rebound after the crude price crash. GE will inject its huge oil and gas operations into Baker Hughes and take a 62.5 per cent ownership of the combined company, which will retain the Baker Hughes brand name. Baker shareholders will hold the rest of the company, and will also receive a special $17.50 per share dividend, a payout by GE to consummate the deal totaling $7.4 billion. The two companies have about $32 billion in revenues and operations in 120 countries. Directors of both have approved the deal, which now needs approval by shareholders. Baker Hughes brings to the deal a century of experience in support for oil and gas drillers, but has been hard hit by the pullback in exploration activity since the oil price crash in 2014.