General Electric in Talks to Buy Baker Hughes
October 27 2016 - 7:07PM
Dow Jones News
By Dana Mattioli, Kate Linebaugh and Joann S. Lublin
General Electric Co. is pursuing an acquisition of Baker Hughes
Inc., according to people familiar with the matter, a transaction
that would be the biggest in the history of the industrial giant
and extend its bet on the battered oil industry.
GE has approached the oil-field services company about a
takeover, the people said, but details of the talks couldn't be
learned, and the talks could fall apart before an agreement is
reached.
With a market value of $23 billion, Houston-based Baker Hughes
could go for more than $30 billion in a takeover, given the typical
premium. GE has a market value of $259 billion.
In 2014, Baker Hughes agreed to sell itself to rival Halliburton
Co. for $35 billion, or $78.62 per share. Earlier this year, the
Justice Department filed a lawsuit to block the proposed merger,
and the deal fell apart.
Baker Hughes shares closed Thursday at $54.55.
--Ted Mann and David Benoit contributed to this article.
Write to Dana Mattioli at dana.mattioli@wsj.com, Kate Linebaugh
at kate.linebaugh@wsj.com and Joann S. Lublin at
joann.lublin@wsj.com
(END) Dow Jones Newswires
October 27, 2016 18:52 ET (22:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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