GE nears US$30b deal with Baker Hughes: WSJ

Singapore

GENERAL Electric Co (GE) is nearing a deal valued at about US$30 billion to combine its oil and gas business with Baker Hughes Inc, the Wall Street Journal reported.

The transaction, which was expected to be announced on Monday, will create a publicly-traded entity controlled by GE, the newspaper reported, citing people familiar with the situation it didn't identify. The companies were scheduled to host a webcast at 8:30am Eastern time, Baker Hughes said in a statement, without giving details. Spokeswomen for both companies declined to comment when contacted by phone.