GE’s purchase of Baker Hughes gets EU sign off

The European Commission has cleared the buyout of an oilfield services company by General Electric (GE) without conditions. Its investigation found the GE-Baker Hughes merger would not adversely affect competition […]

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By Priyanka Shrestha

The European Commission has cleared the buyout of an oilfield services company by General Electric (GE) without conditions.

Its investigation found the GE-Baker Hughes merger would not adversely affect competition in the relevant markets.

Both companies are active in oilfield services as well as oil and gas exploration and production in the European Economic Area (EEA) and worldwide.

The Commission investigated a number of markets where the products of both companies compete, including onshore and offshore electrical submersible pumps and chemicals used in the refining and petrochemicals industry.

The two firms stated: “The companies remain confident in the value that the combined company will deliver to its customers, employees, shareholders and to the oil and gas industry.

“Baker Hughes and GE continue to work constructively with regulators and expect to close the transaction in mid-2017.”