General Electric in Talks to Buy Baker Hughes
October 27 2016 - 7:30PM
Dow Jones News
General Electric Co. is in talks to buy 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 19:15 ET (23:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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