More M&As ahead in US energy sector
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New York
GENERAL Electric Co's deal with Baker Hughes Inc to create the world's No 2 oilfield services business is the clearest signal yet that consolidation is picking up in the energy sector as companies face long-term lower oil prices.
GE said on Monday it would merge its oil and gas business with Baker Hughes, creating a company with US$32 billion in annual revenue and leapfrogging Halliburton Co to be second globally behind Schlumberger AG. "The transaction assumes a slow recovery (in oil prices), really US$45 to US$60 per barrel through 2019, and this seems reasonable," GE chief executive Jeff Immelt said on a call with investors and analysts on Monday.
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