Oil in­dus­try merger closes

China Daily (Hong Kong) - - BUSINESS -

The merger of Hous­ton oil­field ser­vices firm Baker Hughes with the oil and gas di­vi­sion of Gen­eral Elec­tric closed on Mon­day, cre­at­ing the sec­ond-largest oil­field ser­vices firm in the world. GE ac­quired a ma­jor­ity of the Hous­ton en­ergy com­pany with $23 bil­lion. The new Baker Hughes, which will have dual head­quar­ters in Hous­ton and Lon­don, of­fi­cially started its first chap­ter on Mon­day. Ac­cord­ing to lo­cal me­dia re­ports, the merger es­sen­tially dou­bles Baker Hughes’ size to 70,000 em­ploy-

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