General Electric on Wednesday secured unconditional approval from the European Union to combine its oil and gas business with Baker Hughes after the bloc’s competition authorities found the transaction wouldn’t harm competition in Europe.
Announced last October, the GE and Baker Hughes combination would create a company with more than $32 billion in revenue that could cut costs to better compete with rivals such as Schlumberger in the provision of equipment and services to oil rigs and wells.
The European Commission, the EU’s executive branch, said it investigated several markets where products from both companies compete, including onshore and offshore electrical submersible pumps as well as chemicals used for refining petroleum. The regulator said it also looked at markets where GE supplies Baker Hughes and its competitors, including sensors used in drilling.
The EU said there were enough alternative competitors and suppliers in those markets where both companies overlap.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI