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GE closes Baker Hughes deal

Published 07/03/2017, 11:02 AM
© Reuters.  GE closes Baker Hughes deal
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  • General Electric (GE +1.6%) has completed its buyout of Baker Hughes (BHI +4.4%), creating the world's second-largest oilfield service provider with roughly $23B in annual revenue.
  • The deal, when announced last autumn, was predicated on a recovery in oil prices to $60 per barrel by 2019, an increase that now seems uncertain with a glut of crude still circling the globe and keeping prices below $50.
  • Still, executives at the new company said the combination should help customers better perform if prices stay lower.
  • Now read: General Electric Is Not A Trade


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