The WSJ reported that GE has approached Baker Hughes about a takeover but In a statement, GE, headquartered in Boston, said saying it is only in talks with Baker Hughes regarding partnerships, not a potential acquisition.
Baker Hughes, which has a market capitalization of $23.1 billion, declined comment.
Baker Hughes agreed two years ago 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
GE for a long time was considered the top potential buyer of assets that Halliburton might sell off in order to get federal regulators to sign off on its $35 billion acquisition of Baker Hughes. That deal fell apart in the beginning of May when the Justice Department intervened, citing anti-competition concerns.
In the aftermath of the failed Halliburton deal, Baker Hughes is shrinking and increasingly focusing on equipment sales and specialty oilfield markets. Baker Hughes has already said it’s considering selling or partnering on its pressure pumping business, which includes hydraulic fracturing, or fracking.
One thought on “General Electric to Buy Baker Hughes?”