GE in discussion with Baker Hughes on potential partnerships
- Dollar lower, stocks flat as caution creeps in ahead of Trump inauguration
- General Electric (GE) Reports In-Line Q4 EPS
- Procter & Gamble (PG) Tops Q2 EPS by 2c
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
The logo of Down Jones Industrial Average stock market index listed company General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California April 13, 2016. REUTERS/Mike Blake
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
By Alwyn Scott
"While nothing is concluded, none of these options include an outright purchase," GE said in a statement.
Baker Hughes shares, which had jumped nearly 14 percent in extended trading after the Wall Street Journal had reported that General Electric was in talks to buy the company, pared some gains and were up about 7 percent.
GE shares were down 0.2 percent at $28.56.
The Journal had reported that GE has approached Baker Hughes about a takeover. (http://on.wsj.com/2eShzj0)
The deal would be large even for GE, roughly double the size of its $13 billion acquisition of power assets from Alstom
Baker Hughes, which has a market capitalization of $23.1 billion, declined to comment.
GE has approached Baker Hughes to discuss the possibility of an acquisition, according to a person familiar with the matter told Reuters.
It is not clear whether Baker Hughes will engage further in deal talks, the person said.
GE said last week that it believes the oil market has bottomed, but demand for the infrastructure equipment the company makes would take longer to recover, probably after the first half of next year.
Baker Hughes' planned merger with bigger rival Halliburton Co (NYSE: HAL), valued at $34.6 billion when it was announced in November 2014, fell through in May due to opposition from regulators.
(Reporting by Arathy S Nair, Subrat Patnaik and Nikhil Subba in Bengaluru, Mike Stone in Washington and Alwyn Scott in New York; Editing by Andrew Hay and Cynthia Osterman)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Eli Lilly (LLY) to Acquire CoLucid Pharmaceuticals (CLCD) for $960M
- Atlassian (TEAM) Tops Q2 EPS by 1c
- Bats Global Market (BATS) Stockholders Approve Merger Agreement with CBOE (CBOE)
Create E-mail Alert Related CategoriesReuters
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!