CCI approves GE-Baker Hughes oil-gas business merger

New Delhi June 14 (IANS) The Competition Commission of India (CCI) on Wednesday said that it has approved the proposed merger of GE s oil and gas business and Baker Hughes oil field services business.

In a tweet the CCI said: @CCI_India approves merger of oil and gas business of GE and oil field services business of Baker Hughes Inc.

Last year GE and Baker Hughes Incorporated (BHI) entered into a transaction agreement and plan of merger (transaction agreement).

The agreement envisages GE to acquire 62.5 per cent of the voting and economic rights of a newly-formed company that will comprise GE s oil and gas business and BHI s business.

The transaction is a composite combination under section 5 of the Competition Act.

--IANS
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