General Electric Co. won U.S. antitrust approval to merge its oil and gas business with Baker Hughes Inc. to form a new publicly traded company, the Justice Department said on June 12.
GE and Baker Hughes announced the deal in October, months after Halliburton’s effort to buy Baker Hughes collapsed under pressure from the Justice Department.
Under the agreement, GE will combine Baker Hughes with its oil and gas business, creating a company with $23 billion in annual revenue, the companies said.
GE will pay existing Baker Hughes shareholders $7.4 billion for a special dividend.
Following the approval, shares of Baker Hughes added slightly to gains to close up 1.1% at $56.16.
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Source: Daily Dose of ShaleDirectories.com News