GE-Baker Hughes oil deal gets CCI approval

GE-Baker Hughes oil deal gets CCI approval

Fair trade regulator CCI has given its nod to the merger of oil and gas businesses of General Electric (GE) and Baker Hughes Incorporated (BHI).

Last year, GE joined forces with BHI to create a USD 32 billion oil business.

In a tweet, the Competition Commission of India (CCI) said that it has approved “merger of oil & gas business of GE and oil field services business of Baker Hughes Inc”.

As per a notice submitted to the regulator, GE will acquire 62.5 per cent of the voting and economic rights of a newly-formed company. Read More…

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