The release below explains the terms of the GE and Baker Hughes deal.  This deal should not have any problems with DOJ.  GE is not at all competitive to Baker Hughes so it should sail through. 

In listening to analysts on CNBC, they all think that the combination of these two companies positions the new entity as very competitive to Schlumberger.  Obviously, the leaders of both GE and Baker Hughes are very bullish on the merger.  Only time will tell

General Electric Co. reached a deal to combine its oil-and-gas business with Baker Hughes Inc., creating a publicly traded energy powerhouse that would give GE a cost-effective way to play any recovery in the industry.

GE will contribute its oil-and-gas business and $7.4 billion through a special one-time cash dividend of $17.50 for each Baker Hughes share. The new company will be publicly traded on the New York Stock Exchange and will be 62.5% owned by GE and 37.5% owned by Baker Hughes shareholders.