GE to Merge Oil Unit with Baker Hughes to Create Service Giant

General Electric Co. said on Monday it would merge its oil and gas business with Baker Hughes Inc., creating the world's second-largest oilfield services provider as industry competition heats up to supply more-efficient products and services to the energy industry. The deal to create a company with $32 billion in annual revenue will combine GE's strengths in making equipment long-prized by oil producers with Baker Hughes's expertise in drilling and fracking new wells. GE...

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