Coming
off a week when AT&T announced one of the biggest deals of the year to
acquire Time Warner, more M&A activity headlined the news Monday morning.
General Electric Co., the world’s largest oilfield equipment maker, announced
it will merge its oil and gas business with Baker Hughes Inc., one of the world
leaders in oil services and production. The merger will create the world’s
second largest oilfield services provider behind Schlumberger and ahead of
Halliburton. GE will end up owning 62.5% of the combined company and paying Baker
Hughes shareholders a hefty one-time dividend as part of the deal. Looking
several years ahead, GE projects to create $1.6 billion in synergies as a result
of the two companies complementing each other. [more...]
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