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Baker Hughes (BHI), GE Merger Details Requested by DOJ
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Oilfield services major Baker Hughes Incorporated and industrial conglomerate General Electric Company (GE - Free Report) were recently asked to furnish their pending merger details by the Department of Justice (DOJ), U.S. The requests, part of the department’s review process, were issued under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The process extends the waiting period associated with the regulatory review by 30 days for both the companies after they have complied with the requests.
Subject to shareholders votes along with all approvals and satisfactory conditions, the deal is set for closure in mid-2017.The deal was announced in October last year, wherein Baker Hughes agreed to merge with the oil and gas unit of General Electric, forming the second-largest oilfield service player in the world – the largest being Schlumberger N.V. (SLB - Free Report) .
Per the terms of the deal, General Electric will own 62.5% of the merged entity while the rest goes to Baker Hughes shareholders. It is expected that this deal will likely benefit both the companies. With a complimentary portfolio of operating assets and integrated offerings, the synergistic deal is likely to yield $1.6 billion by 2020. The merged entity is projected to generate revenues of more than $32 billion annually.
Zacks Rank and Key Picks
Houston, TX-based Baker Hughes is one of the major oilfield service companies in the world, providing an array of services to the global oil and gas industry. The New Baker Hughes, post merger, will have dual headquarters in Houston, TX and London, U.K., along with nearly identical representation in the board of directors.
The company currently carries a Zacks Rank #3 (Hold).
Baker Hughes has outperformed the Zacks categorized Oil & Gas-Field Services industry over the prior six months. During this period, the company’s shares rallied 17% while the broader industry gained around 5%.
Unit Corporation has posted average positive earnings surprise of 100.63% in the trailing four quarters.
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Baker Hughes (BHI), GE Merger Details Requested by DOJ
Oilfield services major Baker Hughes Incorporated and industrial conglomerate General Electric Company (GE - Free Report) were recently asked to furnish their pending merger details by the Department of Justice (DOJ), U.S. The requests, part of the department’s review process, were issued under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The process extends the waiting period associated with the regulatory review by 30 days for both the companies after they have complied with the requests.
Subject to shareholders votes along with all approvals and satisfactory conditions, the deal is set for closure in mid-2017.The deal was announced in October last year, wherein Baker Hughes agreed to merge with the oil and gas unit of General Electric, forming the second-largest oilfield service player in the world – the largest being Schlumberger N.V. (SLB - Free Report) .
Per the terms of the deal, General Electric will own 62.5% of the merged entity while the rest goes to Baker Hughes shareholders. It is expected that this deal will likely benefit both the companies. With a complimentary portfolio of operating assets and integrated offerings, the synergistic deal is likely to yield $1.6 billion by 2020. The merged entity is projected to generate revenues of more than $32 billion annually.
Zacks Rank and Key Picks
Houston, TX-based Baker Hughes is one of the major oilfield service companies in the world, providing an array of services to the global oil and gas industry. The New Baker Hughes, post merger, will have dual headquarters in Houston, TX and London, U.K., along with nearly identical representation in the board of directors.
The company currently carries a Zacks Rank #3 (Hold).
Baker Hughes has outperformed the Zacks categorized Oil & Gas-Field Services industry over the prior six months. During this period, the company’s shares rallied 17% while the broader industry gained around 5%.
A better-ranked player in the same industry includes Unit Corporation , sporting Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Unit Corporation has posted average positive earnings surprise of 100.63% in the trailing four quarters.
.Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017? Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>